Housewares & Horeca Equipment Supplier

Press Releases

First Quarter 2006 Results according to IFRS (International Financial Reporting Standards

With the announcement of the financial statements the company?s management informs the shareholders of the following:

Sales at consolidated and parent company level increased by 8,1% and 4,4% respectively versus the first quarter of 2005.
This trend will continue in the following months of the current fiscal year both for the parent company and its subsidiaries. It is noted that the parent company supplies the BP gas stations with the glasses donated to their customers.

Already by the end of May the sales? growth rate of the parent company reached 8,5% while for the subsidiaries OMNISHOP, EXCEL and YALCO HUNGARY the growth rate is higher.

Despite the positive course of sales the 1st quarter results are below the results of the respective previous year period, mainly due to the aggressive pricing policy followed during the last quarter of 2005 that continued until mid April. This necessary policy that combined the expansion of sales and the weakening of occasional individual importers resulted in the restriction of the company?s organic revenue.

From mid April 2006 the company?s pricing policy has been readjusted and the results of this adjustment will be evident in the 2nd quarter of the current fiscal period.

Apart from the above and in the following days the investment plan of 6,2 million euros regarding the construction of modern storage centre in Inofita Viotias of 10.000 m2 is going to be submitted subject to the provisions of Developmental law 3299/2004, while the relative construction license has been already issued.

The operation of this centre ensures operating economies of scale plus major improvement in customer service.
With regard to the subsidiaries OMNISHOP, EXCEL and YALCO HUNGARY, as already mentioned, there will be major increase in sales and consequently improvement of their results.
At the same time the company?s management explores the opportunity to grow in neighbouring countries, considering that the expansion of the European Union ensures economic and political stability in the region.


For further information, please contact:Mr. George Makris, Executive BoD member - Supervision of Shareholders & Corporate Announcements Department, Socrates D. Constantinou & Son S.A., e-mail:, tel: (+30)210 629-9999 fax:(+30)210 800-0866 or Mr. Nicolas Bornozis, President, Capital Link Inc. in New York at (212) 661-7566. The press release in question as well as any additional information are available on Capital Link's website


powered by Capital Link, Inc.