First quarter 2010 unaudited consolidated financial results
In the first quarter of 2010 consolidated revenues reached EUR 34.4 million, which is 3.5% less compared with the first quarter of 2009. The annual revenue decrease was primarily driven by lower volumes sold in tonnes, as at the beginning of 2009 the accumulated stock of finished goods from 2008 was sold out. The operating profit before depreciation, interests and taxes measured by EBITDA amounted to EUR 8.8 million in the first quarter of 2010 and declined by 37.0% yoy. The annual comparison was influenced by the extraordinarily high EBITDA achieved in the first quarter of 2009 when the Company benefited from a drop in polymer prices, high sales prices and from the accelerated clearance of the stock of finished goods. Profit from operations (EBIT) amounted to EUR 4.8 million in the first quarter of this year, down by 53.3% yoy. The Company's net profit went up by 13.0% yoy to EUR 7.7 million as the FX gains and low interest expenses mitigated the above mentioned decrease in the operating profit.
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