ECONOMY

Petzetakis profit margin improves in spite of price hike in raw materials

Plastics firm Petzetakis posted higher first-half profits despite the continuing rise in the prices of raw materials. Group earnings before interest, taxes and asset depreciation (EBITDA) were 12.1 million euros, a 17 percent rise from the 10.3 million posted in the first half of 2003. The EBITDA margin improved to 10.8 percent from 10.3 percent in 2003. Operating profit – earnings before interest and taxes – rose 43.6 percent, to 7.3 million euros, from 5.1 million in 2003. Turnover rose 14.5 percent to 112 million euros from 97.8 million last year. Sales volume was 63,800 tons, 20.5 percent higher than the 52,900 tons sold in 2003. Exports rose 42 percent. «The significant improvement in our competitiveness allows the continued strengthening of the group’s finances at a time when the fast rise in the prices of raw materials negatively affected profit margins in the sector,» said Chairman and Chief Executive Giorgos Petzetakis.