ATHENS, GREECE--(Marketwire - December 3, 2010) - For the third quarter of 2010, Eurodrip (ATHEX: EDRIP) posted a 16.2% increase in Consolidated Earnings before Tax and an 12.6% increase in Consolidated Turnover compared to the respective period in 2009.

  • Consolidated Earnings before Tax reached EUR 4.669 million (8.5% on sales) compared to EUR 4.018 million (8.2% on sales) in the corresponding period of 2009.
  • Consolidated Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) amounted to EUR 8.273 million versus EUR 7.825 million for the first nine months of 2009.
  • Consolidated Turnover amounted to EUR 54.850 million versus EUR 48.731 million in the respective period of 2009.

The financial results of the parent company have been affected by a provision for the write-off of receivables amounting to EUR 500 thousand which was conducted under International Financial Reporting Standards. This provision which does not affect the consolidated financial statements applies to claims of the parent company against its subsidiary Agriprojects SRL, headquartered in Bucharest in which Eurodrip has an indirect 85% participation. Agriprojects SRL is in the process of liquidation based on judicial decision following a petition of Eurodrip S.A.

As Eurodrip's CEO Mr. Michael Panagis stated, the positive evolution of the Group and the improvement of financial results under conditions of international competition and recession is thanks to the strong global market diversification, presence and intense activation in international markets both via the exports of the parent company and via the network of affiliated companies that are running manufacturing units in USA, Turkey, Egypt, Jordan and Peru. It should be noted that 90% of the consolidated turnover is generated through activities outside Greece.

Eurodrip S.A. is subsidiary of Global Capital Investors II fund, with Global Finance, the leading Private Equity firm in South East Europe, being the consultant.

Contact Information:

Company Contact:
Marianna Hamakou
Financial Analyst & IR Officer
+30 2262054800
Eurodrip Irrigation Systems
55kmh National Road Athens - Lamia
P.O. Box 34, 320 11 Inofyta