May 7, 2004
The 1st Q 2004 financial results of the listed commercial company "Socrates D. Constantinou & Son S.A. - YALCO" presented significant improvement.
More specifically, according to the financial statement of the parent company, profits before taxes noted an increase of by 7.5% as compared to the 1Q 2003 turnover by 5.2%, respectively.
In particular, during the 1st Quarter of 2004 YALCO realized a turnover of 9,742 million Euros vs. 9,259 million Euros and the profits before taxes increased to 713, 4 million. Euros vs. 665,3 million Euros.
As the management of the company notes, the financial results, confirm the upward course of the company that is expected to fulfill the goals set for the current fiscal year.
The subsidiary company EXCEL S.A. also presented a particularly positive course, presenting enormous increase of its turnover for the 1st Quarter 2004 by 36% to 876,000 Euros approximately vs. 643,000 Euro for the corresponding previous year period. EXCEL continued its positive course, presented profits before taxes of 390,000 Euros for the 2003 fiscal year against losses of 1.5 million Euros in the fiscal year 2002. As top management notes, based on the financial results of the 1st Quarter 2004, the goal of realizing pre tax profits of 1 million Euros for the current fiscal year is attainable.
As far as the parent company YALCO is concerned, it should be noted that by the end of April the company will decrease total liabilities by 4.1 million Euros.
As concluded by the financial statement of the 1st Quarter, the parent companys total liabilities have already decreased by 1.6 million Euros to 27.76 million Euros, while the company has increased cash flows by 4,427 million Euros. A part of this amount, 2.5 million Euros will be used for further decrease of its liabilities during April.
In addition, newly established subsidiary YALCO HUNGARY KFT Company has a very positive course, as it has already concluded a series of commercial agreements with Super Markets chains, the most important being that of "TESCO" supermarket chain. Thus the company estimates to cover its target for turnover of 1 million Euros.
Finally, it should be reminded that the share buy back scheme for 1.5% of the companys share with price range set between 1.2 ? 3.00 Euros expires on 31.3.2005.
