GREECE. Hellenic Duty Free Shops has announced that group net profit rose +10.1% to €35.9m (US$47.1 million) for the first nine months of this year, up from €32.6m in the same period in 2005.
There was an increase of +12.5% in consolidated EBITDA to €54.2 million (US$71.1 million), compared to €48.1m last year.
Managing Director Dimitris Koutsolioutsos said: “We are very satisfied, having maintained the growth momentum of our financial performance in the third quarter. We believe that we have the potential to continue enjoying high growth rates, given also that buying in the duty free stores – following the successful implementation of the new security measures in Greek airports, which are not constraining passengers – is not at all affected.”
Group sales jumped +9.2%, from €199.1 million to €217.4 million (US$285.2 million), while earnings before tax and after minorities rose +7.5%, from €47.4 million to €51.0 million (US$66.9 million). Consolidated net earnings per share grew +10% to reach €0.681 (US$0.893), up from €0.619.
Subsidiary company Hellenic Distributions also maintained its growth trend in the first nine months of the year. Since August its financial results have included those of the recently acquired Links London Ltd, with sales reaching €25.5 million and EBITDA €1.6 million. Excluding the Links London figures, the respective totals are €18.6 million (+36.2%) and €1.8 million (+52.3%).
The parent company’s sales amounted to €194 million in the nine months – an increase of +3.3% from €188.1 million in 2005 – and EBITDA advanced +12%, to €52.6 million from €46.9 million. Net earnings grew +10.9%, to €35.6 million from €32.1 million.
Operating and administration expenses were trimmed to 28.1% of sales, compared to 28.3% last year.
MORE STORIES ON HELLENIC DUTY FREE SHOPS
Hellenic Duty Free Shops posts increase in net profits of +18.6% in H1 2006 – 24/08/06
Hellenic acquires Links of London – 27/07/06
Germanos sells its 24.7% stake in Hellenic Duty Free Shops to Folli Follie – 05/05/06
Folli Follie profits up thanks to Asia and duty free – 03/03/05
