Sfakianakis AEBE improves first half results with group sales totalling 141.4 million euros

Sfakianakis AEBE reported improved first half results with group sales totalling 141.4 million euros in the January-June period, up 22.1 pct compared with the same period last year, while parent sales rose 23.3 pct to 126.4 million.

Gross earnings amounted to 30.2 million euros (group) and 11.6 million euros (parent), up 11.8 pct and 12.9 pct compared with 2015, respectively. EBITDA jumped 58.5 pct to reach 10.8 million euros in the first six months of 2016, for 6.8 million last year, while operating results showed a profit of 500,000 euros from a loss of 800,000 euros last year. The company said its results, both consolidated and parent have been burdened with an investment loss of 3.9 million euros from a disinvestment in Athoniki Technical. Excluding this extraordinary burden, group pre-tax results improved by 49.2 pct and parent results improved 23.7 pct.

Sfakianakis said its sales (wholesale/retail) accounted for 15 pct of the Greek new car market, while its rent-a-car business recorded a 16.1 pct increase in business.