MICHANIKI SA is pleased to announce strong profitability growth in the first nine months of 2006, due to an acceleration of contracts signed for new construction projects.
MICHANIKI Group consolidated turnover increased by 38.21% to 120.03 million euros versus 86.85 million euros.
Consolidated EBITDA increased by 10.47% to 28.49 million euros in the first nine months of 2006, from 25.79 million euros the year before.
Consolidated profit before taxes grew 45.19% to 24.70 million euros, from 17.01 million euros in 2005.
Consolidated net profit after taxes grew 66.08% to 19.10 million euros, from 11.50 million euros in 2005.
At a parent company level, Michaniki SA turnover decreased in the first nine months of 2006 by 30.79% to 44.91 million euros, from 64.89 million euros in the same period a year earlier.
EBITDA stood at 9.00 million euros in 9M 2006, from 18.18 million in 9M 2005, decreased by 50.51%.
MICHANIKI S.A. profit before taxes decreased by 30.79% to 8.46 million euros, from 12.22 million in 2005.
MICHANIKI S.A. net profit decreased by 10.53% to 6.49 million euros, from 7.26 million the year before.
The backlog of unexecuted public works of the Group amounts to 368.6 million euros and company to 287.7 million euros. THOLOS SA recently signed contract for the construction of Kavala Port amounting to 11.5 million euros and MICHANIKI S.A. is also the preferred bidder of the construction of the following projects:
Polykastro-Idomeni rail lineNamounting to 30.3 million euros.
Lianokladi-Domokos rail line amounting to 63.1 million euros.
The management of Michaniki Group of Companies underlines the fact that the objectives for the increase of the turnover and of the profitability are consistent with the projections announced at the last presentation of the Group that took place in October 2006. The decreased financial figures of the parent company can be justified by the fact the most of the construction works that have been undertaken by the Company from the beginning of year, are in their initial construction stage. As the projects move away from the initial construction stages, the company will capitalize profits.