HERACLES Group of Companies reports increase in Profit before Tax of 16.1% for 2002 (3/3/2003)

Δευ, 3 Μαρτίου 2003 - 15:17
HERACLES Group of Companies today announced sales of Ξ558 million in 2002, 1% up compared to last year, reflecting a strong domestic market performance with a volume increase of 10.7%, offset by a weak international market. Net profit before tax increased by 16.1% and amounted to € 71.3 million, reflecting the efforts of the management to focus on the reduction of production and operating costs. The Group realised cost structure improvements due to the introduction of pet-coke in the production process and a significant reduction of administrative, selling and distribution costs by 5.7% compared to 2001 that reflects further benefits from the merger of Heracles and Halkis as well as the effect of the divestments concluded in 2002. Operating income increased by 15.3% to € 103.6 million. The above profitability improvements were achieved after the impact of the Voluntary Redundancy scheme cost of € 31 million realised in the year 2002. The Board of Directors of AGET Heracles has recommended the payment of dividend at the level of € 0.30 per share, 100% increased in comparison to last year. HERACLES Group of Companies, a member of Lafarge, has 3 cement plants in Greece: OLYMPOS in Agria Volos which is the largest cement plant in Europe, HERACLES II in Milaki Evia and HERACLES III in Halkida. The total production capacity of the Group is 9.6 million tonnes annually which makes it the largest cement producer in Greece. HERACLES Group owns a number of subsidiary companies that are active in the production and sale of ready-mix and aggregates products, construction and development of metallic constructions, industrial automation and production control systems, transportation and research and development. Lafarge is the world leader in building materials, and employs 83,000 people in 75 countries. The Group holds top-ranking positions in all four of its Divisions: Cement, Aggregates & Concrete, Roofing and Gypsum. Lafarge posted sales of € 14.6 billion in 2001.