Papoutsanis reports higher sales and profits in 2017

Papoutsanis ABEE on Monday said its turnover rose 15.2 pct to 20.8 million euros in 2017, from 18 million in 2016, reflecting higher sales both in Greece and abroad.

Exports totaled 8.1 million euros, or 39 pct of total turnover, up 25 pct from the previous year, while sales of brand products accounted for around 25 pct of turnover. Sales to the hotel market accounted for 34 pct of turnover, while 41 pct of turnover represented third party production and industrial sales.

Pre-tax profits totaled 538,600 euros in 2017, from profits of 119,700 in 2016, while after tax profits totaled 420,390 euros in 2017 from a loss of 50,360 euros in 2016. The company reported positive cash flows of 2.4 million euros in 2017, up 239 pct from the previous year, while net bank borrowing fell to 6.88 million euros from 7.71 million in 2016.