Greek plastic products industry (excluding packaging) shrank in the period from 2009 to 2013, but recovered in the next two years, recording a 4.9 pct growth rate in 2015, a survey by Infobank Hellastat SA said on Tuesday.
Alexandros Nikolaidis, Economic Research & Sectorial Studies Senior Analyst, in Infobank Hellastat ΑΕ, said that this improvement was achieved amid a gradual deterioration of the political and economic scene in the country, which climaxed with a bank holiday for three weeks in July and the imposition of capital controls. These development negatively affected production procedure by several companies in the sector, with the volume of production falling 7.2 pct in July 2015. However, industries with export activity managed to counterbalance this negative development while they did not face any particular problems in their supply with raw materials.
A decline in international oil prices (Brent) in 2015, to an average price of 52.32 US dollars per barrel -down 47 pct compared with 2014- allowed a decline in production cost and boosted gross and operating earnings.
Nikolas Gouzelos, Chief Executive in Infobank Hellastat, said: “positive prospects for Greek plastic industries are focusing on developing innovative products of high added value and export activity particularly in emerging countries”.
The survey analyzed the financial reports of 75 enterprises. Accumulated turnover was 787 million euros in 2015, up 2.3 pct from the previous year, operating earnings grew 17.3 pct to 87.3 million euros, while earnings pre-tax soared 40 pct. EBITDA margin stabilized at 6.9 pct.
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