A rise of 19,16% has been realized on KRI-KRI S.A. Earnings before taxes, during the first semester of the current fiscal year, reaching euro 2,512m. Gross operating profit reached euro 6,806m, versus euro 5,319m of the respective last year's period, marking an increase of 28%. Moreover, EBITDA reached the level of euro 3,404m, a 19,16% increase, while revenues reached euro 13,013m, showing an increase of 19,49% as compared to 2003 first semester revenues.

As far as consolidated results are concerned, Earnings before taxes reached euro 2608m, presenting a rise of 20,2%, while gross profits reached euro 7,286m, from 5,659m of the 2003 first semester, increased by 28,7%. The EBITDA of the group of KRI-KRI companies increased by 20,81%, running into euro 3,609m. Finally, the consolidated revenues reached euro 13,848m, recording a rise of 18,6%.

According to the management of KRI-KRI S.A., the significant improvement of profitability is highly related to the cost reduction effort, through the company's investment plan. In particular, until 30/06/04 euro 4,79m have been invested on new machinery equipment, expecting to facilitate scale economies in production.

Yogurt Products
It should be noticed that launching of a new yogurt series called "Giaourti Serron" was of great success. This new series includes Strained yogurt 10% fat, Strained yogurt 2% fat, Cow's milk yogurt 3,85% fat and Cow's milk yogurt 2% fat.The expansion of yogurt product series is going to continue by launching another three new yogurt articles in this year's second semester.As far as ice-cream group of products is concerned, despite bad weather conditions of this year's period that negatively affected the whole ice-cream market, KRI-KRI managed to increase its ice-cream sales. This fact is mainly related to the successful launch of six new products, to the expansion of the sales network and, finally, to more intensive commercial promotion that has been applied.