P.G.Nikas ABEE says turnover up, losses down in 2016

P.G.Nikas ABEE said its consolidated turnover fell to 43.69 million euros in 2016, from 48.93 million in 2015, reflecting the termination of its commercial operations in Bulgaria and decline in sales in the domestic market.

Gross profit margin grew to 28.2 pct in 2016, from 26 pct in 2015, up 2.2 percentage points. Consolidated gross earnings eased to 12.3 million euros in 2016 from 12.7 million in 2015, while EBITDA showed a loss of 550,000 euros from a loss of 14.67 million, respectively. Consolidated EBT was a loss of 7.55 million euros in 2016 from a loss of 22.7 million in 2015.

Parent EBITDA -excluding non-repeat expenses- was 1.027 million euros in 2016, from 153,000 in the previous year.

The Greek meat delicatessen market shrank by 10 pct in volume and 7.9 pct in value last year. Nikas managed to preserve its market share to 11.8 pct in volume and 13.2 pct in value.

Parent turnover fell 8 pct to 41.8 million euros in 2016 from 45.42 million in 2015 and gross earnings totaled 11.49 million euros from 11.8 million, respectively. Gross profit margin rose to 27.5 pct in 2016 from 26 pct in 2015.

Parent EBT showed a loss of 7.03 million euros in 2016 from a loss of 18.2 million in the previous year.