Heracles Group sales down 24.3%, Greece
Heracles Group of Companies announced today sales of EUR401.41m for 2010, falling by 24.3% compared to 2009. Company sales were at EUR350.80m, down by 25.2% compared with 2009. The group΄s EBITDA was EUR14.32m and represented a decrease of 84.4% compared to 2009, while the company΄s EBITDA decreased by 75.8% compared with 2009, amounting to EUR22.56m.
Sales in 2010 were mainly affected by the further slowdown in private construction activity in the domestic market as a combined result of the excess supply of residences, the low level of residencies demand and the reduction of housing loans granted by banks as well as the slowdown of the construction activity in public infrastructure. In addition, lower export demand in markets traditionally supplied by the Group contributed to the reduction in 2010 sales. Published under Cement News
