HELLENIC DUTY FREE SHOPS'' Consolidated earnings before interest, tax, depreciation and amortization (EBITDA) increased by 12.5% in the first nine months of 2006 reaching Euro54.2 million from Euro48.1 million in the respective period of 2005. Group sales reached Euro217.4 million from Euro199.1 million in the first nine months of 2005, increasing by 9.2%. Consolidated earnings after tax and minorities reached Euro35.9 million compared to Euro32.6 million for the respective period of 2005, posting a 10.0% increase while earnings before tax and after minorities reached Euro51.0 million from Euro47.4 million, rising by 7.5%. Consolidated net earnings per share reached Euro0.681 from Euro0.619 (+10.0%).
Commenting on the financial results, the Company''s Managing Director Mr. Dimitris Koutsolioutsos mentioned that "We are very satisfied having maintained the growth momentum of our financial performance in the third quarter. We believe that we have the potential to continue enjoying high growth rates, given also that buying in the Duty Free stores, following the successful implementation of the new security measures in the Greek airports which are not constraining passengers, is not at all affected".
The subsidiary HELLENIC DISTRIBUTIONS S.A. also maintained its growth trend while it should be noted that since the beginning of August its financial results include the financials of the recently acquired LINKS LONDON Ltd. In particular sales of HELLENIC DISTRIBUTIONS S.A. reached Euro25.5 million and EBITDA reached Euro1.6 million while excluding LINKS the respective figures are Euro18.6 million (+36.2%) and Euro1.8 million (+52.3%).
Concluding, sales of the parent Company amounted to Euro194.4 million from Euro188.1 million for the first nine months of 2005, increasing by 3.3% while EBITDA advanced to Euro52.6 million from Euro46.9 and net earnings to Euro35.6 million from Euro32.1 increasing by 12.0% and 10.9% respectively.
In the first nine months of 2006 the Management''s cost containment efforts on an operational level continued successfully resulting to a further decrease of operating and administration expenses to 28.1% of sales compared to 28.3% for the respective period of 2005.