ECONOMY

Mytilineos posts huge rise in 9M turnover

mytilineos-posts-huge-rise-in-9m-turnover

Listed Mytilineos Group on Thursday reported a 42.7 percent leap in turnover in the first nine months of 2019 year-on-year, continuing the excellent performance seen in the first half over the summer.

Turnover in the January-September period for one of the country’s biggest business groups amounted to just under 1.55 billion euros, against 1.08 billion in the same period last year. Earnings before interest, tax, depreciation and amortization (EBITDA) grew 13.7 percent on an annual basis to reach 248 million euros, against 218.2 million a year earlier. Net profits posted a 2.5 percent year-on-year advance to 120.6 million, from 117.7 million in 2018, and earnings per share came to 0.844 euros.

The mining sector, in particular, continued to fare strongly in the first nine months of the year, despite the weak environment as regards commodity rates, largely because of the ongoing trade wars. Mytilineos has managed to maintain its position among the world’s most competitive producers of alumina and aluminium in this period, ranking among the most competitive quarter of global output.