Hellenic Fabrics see positive developments in denim fabrics sector
31 Aug '07
3 min read
For the first half-year period of 2007, consolidated turnover of “HELLENIC FABRICS S.A.” amounted to € 45.05 mln in comparison to € 47.83 mln of the corresponding period of last year, presenting a fall of 5.8% due to reduced cotton sales against those achieved last year.
Consolidated profit before tax, interest and depreciation (EBITDA) amounted to € 1.44 mln in comparison to € 5.87 mln of the first half-year period of 2006, while net profit after tax and minority rights decreased from € 1.11 mln in the first halfyear period of 2006 to € -2.00 mln in the first half-year period of 2007, shaping the “Earnings per share” ratio to € -0.15 from € 0.08 of the corresponding last year's period. During the first half-year of 2007, depreciation realized reached € 3.2 mln.
During the same period, shareholder's equity amounted to € 79.85 mln from € 81.80 mln at the end of 2006, shaping the “Price to book value” ratio (P/BV) to 0.46, while the “Debt-equity” ratio amounted to 1.15, maintaining the Group's strong capital structure.
The financial statements of the first half-year period were substantially influenced by the negative situation in the raw cotton market.
As it is already known, the ginning period of 2006/2007 has been developed in a particularly negative environment for the sector in our country, due to unfavorable weather conditions, that resulted in a reduction of seed cotton production by at least 35% and the deterioration of its quality.
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