(Updating with additional information)
ATHENS (Thomson Financial) - Greece's consumer goods wholesaler Sarantis SA
reported first quarter results in line with expectations and said that its net
profits edged 0.9 percent higher year on year to 5.53 million euros.
Analysts saw it coming in almost flat at 5.5 million euros with estimates
ranging from 5 million euros to 5.7 million euros.
Sales for the group posted a 3.3 percent increase from last year to 56.2
million euros, which was spot on with forecasts.
The improvement in sales was led by its fragrances and cosmetics division,
the household products division, and growth in eastern European markets.
Sarantis noted that, geographically, the Greek market accounts for 48
percent of sales while the remaining 52 percent is from foreign markets. The
most important foreign markets in terms of growth were Hungary, Czech Republic,
Serbia, Bulgaria, the former Yugoslav Republic of Macedonia, Romania and Poland,
it added.
Moreover, the company said sales in its new markets of Turkey, Ukraine and
Russia were free of losses, in accordance with guidance, but are still weighed
by the change in its business model in 2007.
EBITDA came in at 8.19 million euros, reflecting a 2.9 percent loss from
last year, also meeting expectations. Analysts saw EBITDA coming in a range of 8
million euros to 8.4 million euros.
As anticipated, Sarantis explained that EBITDA was pressured by the absence
of income from Marinopoulos SA, which was sold late last year, as well as by the
Greek Orthodox Easter, which normally provides a boost for sales in the first
quarter but occurred in the second quarter this year.
Source: Euro2day.gr Newswire
cheryl.novak@thomsonreuters.com
cn/hjp
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