GREECE. Hellenic Duty Free Shops today posted a +10.1% rise in first-quarter post-tax profit to €5.5 million.
Sales climbed by +8.3% to €41.99 million and EBITDA rose by +7.4% to €8.5 million for the period ended 31 March.
CEO Dimitris Koutsolioutsos said: “We are very satisfied by the financial performance for the quarter, since we have accomplished a double-digit growth in net consolidated earnings – despite the -2% decrease in passenger traffic in the period.
“The main factors responsible for the [traffic] decrease were the bad weather conditions in the Evros region, several avian influenza cases in neighbouring countries and the strikes in Athens and Thessaloniki airports.
“Indicatively, I would like to mention a -29% fall in departing passengers in Kipi Evros, a -11% decrease in Promachonas and a -55% fall in Kastanies.”
Koutsolioutsos also mentioned that the company will continue to invest in the further development of its store network. “In addition we are carefully examining every prospect for expansion or co-operation, aiming at maximising the return of our shareholders.”
The company’s cost containment efforts contributed to a further decrease in operational and administrative expenses to 34.2% compared with 35.6% for the same period last year.
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