Hellenic Sugar Industry reports improved annual results

Hellenic Sugar Industry on Friday reported a 63.4 pct drop in its consolidated losses to 9.45 million euros in the year which ended on June 30, 2011, down from losses of 25.82 million euros in the previous 12-month period. The figures included a provision of 5.23 million euros over a write off of fixed assets and a reduction of the parent company’s investment property fair value.

EBITDA rose to 12.95 million euros in the July 2010-June 2011 period, after losses of 6.52 million euros in the previous year, with gross profit margin rising to 10.56 pct. The group also announced a significant decline in operating spending.

Parent sales grew 6.91 pct to 286,442,740 tons of sugar, from 267,938,380 tons in the previous year, while turnover rose 4.18 pct over the same period.

Hellenic Sugar Industry said its goal was to cover its production quota (158,000 tons of sugar annually) through the operation of three units in Greece (Plateos, Serres and Orestiada), while the units of Larissa and Xanthi to be used as logistics sites.

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