Mytilineos Group net profit increases to € 44.9m for 9-month period

Mytilineos Group, a leading independent energy producer in Greece, has posted an 11.9 percent increase of its operating profitability (EBITDA) for the nine-month period in 2014, to 184.1 million euros from 164.5 million euros in the equivalent period last year.

The corporate group attributed this increase to an improved performance in its mettalurgy and EPC (Engineering-Procurement-Construction) divisions.

Mytilineos forecast that its improved financial figures for the nine-month period pave the way for even better results at the end of the year.

The corporate group also announced an increase in net profit after tax and minority interest of 44.9 million euros for the nine-month period from 24.8 million euros for the equivalent period last year. Extraordinary income provided for Aluminium SA, a member of the Mytilineos Group, following a recent European Court ruling against PPC, the Public Power Corporation, over an electricity tariffs and state aid dispute, was not taken into account for this year’s nine-month net profit figure.

Consolidated group turnover at Mytilineos for the nine-month period reached 927.6 million euros from 1,051.2 million euros during the equivalent period in 2013, a reduction attributed to regulatory changes in the energy market.

The corporate group’s Metallurgy and Mining division posted the biggest improvement, compared to both the previous quarter and nine-month period. The division posted a turnover figure of 344 million euros for the nine-month period from 339.1 million euros during the equivalent period in 2103. Its EBITDA figure reached 55 million euros from 30.1 million euros in the nine-month period of 2013, an 82.7 percent increase. The successful completion of a cost-cutting initiative, combined with favorable developments in international markets, such as the rise of the US dollar and the stabilization of all-in aluminium prices at higher levels, were the contributing factors behind the division’s improved performance.

The Energy division posted a turnover figure of 121.9 million euros for 2014’s nine-month period, down from 311.3 million euros during the equivalent period last year, as a result of lower demand and regulatory changes in the market. The division’s EBITDA figure reached 57.8 million euros from 72.5 million euros, for the nine-month period. In the immediate future, the corporate group’s Energy division will focus its activities on establishing the market position of its Protergia company in the retail market, while also continuing investments in the renewable energy source (RES) sector, in anticipation of the market’s gradual liberalization.