M.J.MAILLIS GROUP announces its Consolidated Financial Results for the nine months 2006:
- Consolidated Turnover of Euro 285 mln versus Euro 276 mln in the nine months of 2005.
- Consolidated Earnings before Interest, Taxes, Depreciation and Restructuring Charges (E.B.I.T.D.A.) of Euro 36.9 mln versus Euro 45.1 mln in the relevant period of 2005.
- Consolidated Net Income (N.I.) of Euro 7.1 mln versus Euro 13.3 mln in the nine months of 2005.
As already announced and in line with the Group''s 3-yr Business Plan, the Group is implementing a restructuring programme, in order to compete successfully in a fast changing global market place. The related costs have a temporary adverse effect on the Group''s profitability, especially in the 2nd half of 2006. Furthermore, the slowdown in the US economy causes a delay in the achievements of the Group''s targets in this region, while steel strap margins remain under pressure.
Nonetheless, consolidated sales are growing at 3% in the nine months 2006 and especially in the plastic straps segment (where the Group invests in Europe, US and India), the sales growth rate is close to 30%.
2006 is a transitional year, which is burdened with additional cost. However, the Group is implementing the necessary restructuring projects in order to respond to the changes and the challenges in the global market place and achieve the financial targets of the Business Plan.