Heracles Group of companies announced today sales of EUR95.0m for the first quarter of 2010, decreasing by 21.4% compared to the same period in 2009. Sales of the company were at EUR82.02m, decreasing by 24.3% compared with the first quarter of 2009.
The domestic market for cement and other construction materials was affected by lower demand in residential housing and the challenging economic environment. In addition, export demand in markets traditionally supplied by the Group, contributed to the reduction in 2010 first quarter sales.
Intensified efforts and measures have been taken to reduce operating costs and the optimisation of production and supply chain processes partially offset the effect of lower volumes. The group΄s EBITDA was EUR9.19m and represented a decrease of 70.2% compared to the first quarter of 2009, while in the company΄s EBITDA of EUR10.51m was a decrease of 66.7% compared with the first quarter of 2009.