BUSINESS

Mytilineos sees rise in profits in first quarter

The group's owner, Evangelos Mytilineos

TAGS: Business

Athens-listed Mytilineos saw its profits grow in the first quarter of the year, thanks to a solid performance in the mining sector.

The firm announced on Thursday that its group revenues amounted to 360.7 million euros, up 10 percent on a year earlier, while earnings before interest, tax, depreciation and amortization (EBITDA) expanded 4.1 percent to 76.9 million. Profits after tax and minority rights came to 41.1 million euros, an increase of 10.3 percent on the January-March 2017 period.

According to the company’s statement, the mining sector enjoyed growth of 13 percent, mainly due to higher sale prices that offset pressure from the increased rates of raw materials and energy. In contrast, the electricity and natural gas domain shrank due to reduced demand for power, attributed to the rather mild winter.

Commenting on the results, Mytilineos said that – despite reservations about the high volatility of commodity prices, international capital markets and currency exchange rates – “the financial results constitute a rather conservative indication for the trend of the group results for the entire year.”

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