Marfin Investment Group recorded profits of EUR13.5m in the first half of 2009, while net asset value stood at EUR3.6bn or EUR4.82 per share.
Marfin Investment Group recorded profits of EUR13.5m in the first half of 2009, while net asset value stood at EUR3.6bn or EUR4.82 per share.
Consolidated profit after tax and minority interest was EUR4.2m.
MIG says cost containment efforts at the company level are contributing to improved results with operating expenses being reduced by 55.1 per cent to EUR13.1m vs. EUR29.1m during the same period last year.
Of its NAV, 17.9 per cent is related to MIG’s net cash (EUR645.2m).
MIG says its stronger performance during the second quarter has bolstered the traditionally weaker first quarter, resulting in a strong first half of 2009.
During the second quarter, MIG as a group recorded 7.2 per cent growth in sales over the same period in the previous year, while gross profit grew by 22.3 per cent.
Dennis Malamatinas, Marfin Investment Group’s chief executive officer, says: ‘Amidst the difficult global conditions, we are encouraged by our strong second quarter, which has offset the seasonality inherent during the first quarter in some of our companies – resulting in a promising first half of 2009. Our group sales have increased by 8.5 per cent over last year, while our gross profit has increased by 19.8 per cent.
‘The majority of our subsidiary and related companies have shown strong growth and healthy increases in net income. The companies are continuing to enhance their market positions, invest in new products and markets, and maintain healthy balance sheets, operating strongly when compared to most of their peers. Our businesses which traditionally experience high levels of seasonality in the first half of the year are performing at or above expectations and exhibit strong operational performance vis-à-vis their competition. This positions MIG’s subsidiaries and related companies favourably for the future and ensures positive long-term prospects for its shareholders. We are looking forward to a strong third quarter, which is also traditionally a strong quarter for our more cyclical, seasonal businesses.’
