Samas Group (Office Furnishings) has posted a net profit of Euro 8.9 million for the first six months of its financial year 2001/2002. This compares with Euro 11.8 million for the same period last year, including the office supplies division which it has since sold.
The group says operating results were under pressure in all countries where it is active, due to unfavourable economic developments, but net profit was positively influenced by the relatively low tax rate in the current year. Turnover was Euro 263 million, compared to Euro 265 for the current group companies last year, and operating profit was Euro 9.4 million, 48% lower than for the current group companies last year. Gross margin was 3.6%, compared to 6.8%.
Cost reduction plans have been implemented at all companies. The company hopes to complete the sale of its UK activities in the current financial year.
27-Nov-2001
