Commentary of financial results for 01.01 - 30.12.2015
- Apr 01, 2016
- Last Updated: Friday, 01 April 2016 13:13
The Board of OLTH SA approved today 31/03/2016 the Financial Report for the period of 1/1/2015-31/12/2015.
- The company’s turnover at the period of 01/01/2015 to 31/12/2015 amounted to 50.881.605€ against 54.831.478€ at the same period in 2014, exhibiting a decrease by 7,20%, which is mainly due to the reduction of conventional port sales by 17,16%
- Container Terminal handled 351.741 containers (TEU’s), throughput increased by 0,50% at the period of 01/01/2015 to 31/12/2015, against the same period in 2014.
- The reduction of trafficking in conventional cargo, mainly in the second half of 2015, by 15,34 % due to the sharp drop in international prices of minerals, such as nickel , and the sharp drop in demand for steel products, which brought the suspension of operation of a large steel industry, which was major customer of the company.
- In the context of the adverse economic environment and despite the bank holiday imposed on the country on 28.06.2015, the Company continued to perform trouble-free operations.
- The income from exploiting the company's capital decreased by 47,11% due to the sharp decline in interest rates over 50%
- The Company successfully continued its policy of restricting costs which fell by 3,20%.
- The Company despite the negative development of trafficking of Conventional cargo and the significant decrease in financial income maintain high profitability indicators. Specifically:
- Gross profit amounted to 24.333.039€ against 26.529.142€ in 2014(-8,28%).
- The operating profit (EBITDA) at the period of 01/01/2015 to 31/12/2015 amounted to 26.861.416€ against 29.424.347€ in 2014 (-8,71%).
- Earnings before taxes amounted to 24.514.352€ against 28.388.514€ in 2014 (-13,65%), while after-tax results amounted to 17.915.016€ against 21.300.404€ in 2014 (-15,89%), which is attributed to the increase of the tax rate.
- Profits remain high as a percentage of the total turnover with gross profit amount to 47,82%, operational profit to 52,79%,profit before taxes to 48,18% and profit after taxes to 35,21%.
THPA SA CHIEF EXECUTIVE OFFICER DIMITRIOS MAKRIS STATEMENT
ThPA SA despite the adverse economic climate of 2015, that negatively affected the movement of Conventional cargo, remains a highly profitable company for its shareholders, with strong profitability indicators. Implemented a major investment program to modernize equipment and infrastructure to service the load. With the cooperation of management and employees the company is able to continuously improve its services to its customers and to implement its ambitious development planning.