ECONOMY

Mytilineos posts robust Q1 results

mytilineos-posts-robust-q1-results

Leading business group Mytilineos on Thursday announced a 3.7 percent yearly increase in its turnover in the first quarter of the year, to 532.7 million euros, while enjoying strong cash flow of €1.5 billion.

Compared to the last quarter of 2019, Mytilineos’ earnings before interest, tax depreciation and amortization (EBITDA) showed a 24 percent increase, to €80.6 million, while net profits were boosted 49.7 percent to €36.4 million. Net borrowing amounted to €530 million euros, leading its net debt-to-EBITDA ratio to 1.76 based on the last 12 months.

The results announced by Mytilineos showed that the metallurgy sector is showing remarkable resistance to the crisis. It continued its factory activity unhindered, in terms of demand and supply chain, despite the pandemic. Nevertheless the coronavirus has had a negative impact on the price of merchandise, resulting in a drop in turnover for aluminium.

Thanks to its competitive natural gas package, Mytilineos energy arm brought the group increased profits compared to the first quarter of 2019, despite the reduced rates of electricity in the wholesale market.