Mitsides Public Company Ltd. announced unaudited group financial results for the six months ended June 30, 2014. For the period, the company reported turnover during the period under review amounted to 18,306,815, compared to 20,423,879 for the corresponding period last year, showing a decrease of 10,4%. The decrease is primarily due to decreased sales of the Flour Department of the Serbian subsidiary Mitsides Point D.o.o. Gross Profit during the period under review stood at 20.6% compared to 23.73% during the corresponding period last year.
The decrease is mainly due to a decrease in the gross profit margin in the Group's Flour Department. Operating loss before financing costs for the first half of 2014 amounted to 227,202 compared to a profit of 551,592 for last year's corresponding period. During last year's corresponding period the Group incurred a loss of 375,431, representing Bank deposits held by a Group company in Laiki Bank and which have been impaired after the Eurogroup's decision of 26 March 2013.
The loss before tax in the first half of 2014 amounted to 970,653, compared to a loss of 245,852 in the corresponding period of last year. The loss after tax for the first half of 2014 amounted to 975,426, compared to a loss of 138,960 in the corresponding period of last year.