P.G.Nikas ABEE reported a 15.8 pct decline in consolidated turnover

P.G.Nikas ABEE reported a 15.8 pct decline in consolidated turnover to 22.01 million euros in the first half of the year, from 26.15 million in the same period in 2015, reflecting the termination of operations in the Bulgarian market and a decline in domestic sales.

Consolidated gross earnings totalled 6.46 million euros from 6.64 million last year, a decline of 2.6 pct, while gross profit margin grew to 29.4 pct from 25.4 pct in 2015. Operating EBITDA totalled 415,000 euros in the first half from a loss of 212,000 euros last year while consolidated EBITDA recorded a loss of 1.4 million euros burdened by a liability write off provision of 1.83 million euros.

Consolidated EBIT recorded a loss of 5.29 million euros in the January-June period, up from a loss of 4.29 million last year.

Parent turnover fell 11.2 pct to 20.78 million euros. The company said its market share was unchanged at 11.2 pct in volume and 13.4 pct in value.

Gross earnings rose 1.3 pct to 5.96 million euros, while operating EBITDA recorded a profit of 128,000 euros and parent EBITDA a loss of 1.7 million euros. EBIT was a negative 2.59 million euros, from a loss of 1.32 million last year.