The consolidated turnover of SIDENOR reached euro 905.0 mil. in the first nine months of 2006, increased by 28% compared to the first nine months of 2005. Profit before tax amounted to euro 102.7 mil., increased by 442%, while EBITDA reached euro 159.5 mil., increased by 125% compared to same period 2005. Consolidated net profit after minority interests and taxes reached euro 63.7 mil., increased by 637% compared to euro 8.6 mil. in the first nine months of 2005, reaching thus euro 0,667 per share. Regarding the parent company SIDENOR S.A., net profits after taxes reached euro 15.1 mil. (euro 0,158 per share) compared to euro 2.3 mil. in 2005.
The significant boost in turnover and profitability is attributed to the increase of sales volume, and of the average sales price per ton, as result of
- continuing strong demand for the branded quality SD products in Greece and the Balkans
- the upgraded presence of the plate products of our subsidiary STOMANA INDUSTRY in the European markets
- the significant contribution from the turnaround of our subsidiary CORINTH PIPEWORKS
in combination with further reduction in conversion cost, improved efficiency and better capacity utilization of all SIDENOR production units.