Greek clothing manufacturer ELVE: Increase in turnover with losses in the nine months of 2023

The turnover of ELVE SA showed an increase in the nine months of 2022, which is due to more executed contracts (for work uniforms) compared to the corresponding period last year.

At the Group level there is a smaller increase in sales due to the decrease in the sales of the former subsidiary LITO SA at the level of one month by 2.8%. It is noted that the former subsidiary LITO S.A. stopped consolidating on 10/13/2022.

Reduction in pre-tax profits

Most of the reduction in the company’s pre-tax profits is due to the results of its portfolio, as in this year’s nine months the portfolio had investment losses of 387 thousand euros, compared to profits of 274 thousand euros in last year’s nine months.

The total net borrowing (i.e. loans minus cash) of the Group amounted to 1.2 million euros on 9/30/2022. The company had no bank loans as of 30/9/2022, while it held cash of 1.3 million euros and a portfolio of negotiable securities (mutual funds and corporate bonds) worth 3.33 million euros, for which there is a possibility of immediate liquidation.

The company expects an increase in turnover on an annual basis.