Papoutsanis reports lower H1 results
Papoutsanis on Friday said its turnover fell 15.5 pct to 7.7 million euros in the first half of 2015, from 9.2 million in the same period last year, reflecting the termination of a cooperation contract with a customer.
Excluding this partnership, sales grew 17.5 pct in the January-June period. Gross earnings totaled 2.1 million euros in the first half, from 2.3 million in 2014, a decline of 9.0 pct, pre-tax earnings totaled 200,000 euros, from 300,000 euros last year, while after tax earnings totaled 100,000 euros from 300,000 over the same period, respectively.
Exports totaled 2.4 million euros in the first six months of 2015, accounting for 31.2 pct of total turnover. Papoutsanis said it had completed two new business projects, expanding a contract with Sysco Guest Supply and launching production of a new product series under the brand name Olive Care.
