1st TRIMESTER RESULTS FOR GR. SARANTIS SA

Rise in earnings and turnover for Sarantis at closing of the 1st Trimester 2003. 

Specifically, within the 1st trimester of 2003, Sarantis Group, on consolidated basis, increased its sales volume by 16.3%, while pre-tax earnings are disclosed increased by 17% with respect to the respective last year’s period. 

In terms of absolute figures, the consolidated sales of Sarantis Group reached a total of Euro 48.8 million in the 1st trimester 2003 with respect to Euro 42.0 million in 2002, while net pre-tax earnings reached a total of Euro 3.76 million with respect to Euro 3.21 million realised in the respective last year’s period. 

The course of Sarantis Group in the 1st trimester is characterised by the positive development of the Group’s business activities both in Greece and Eastern Europe, notwithstanding the adverse conjuncture in the international environment and the impact from Euro revaluation.

As regards forecasts for the entire 2003, the consolidated Group results are anticipated to reach a total of Euro 234 million in terms of sales with respect to Euro 219 million in 2002, while net pre-tax earnings are anticipated to reach a total of Euro 19.0 million with respect to Euro 18.1 million in 2002.