Sales in value for the six-month period amounted to $261m, an increase of $2.7m on the first half of 2019.
Gross profit for the six months ended June 30, 2020 was $106.1m, up $2.6m. Gross profit as a percentage of sales for the six months ended June 30, 2020 was 40.6%, compared to 40.1% for the six months ended June 30, 2019. The main reason for this increase was the decrease in the prices of milk used in the US facility by 9.2%, which was partially offset by the increase in the prices of milk used in the Greek facilities by 10.8%.
Operating profit for the six months ended June 30, 2020 was $37.3m, an increase of $5.6m. As a percentage of sales, operating profit was 14.3% for the six months ended June 30, 2020 as compared to 12.3% for the six months ended June 30, 2019. This increase is mainly due to the decrease in SG&A and the increase in gross profit.
Profit before income taxes for the six months ended June 30, 2020 was $25.3m, as compared to profit before income taxes of $17.6m for the six months ended June 30, 2019.
Income tax expense for the six months ended June 30, 2020 was $5.5m, as compared to $3.4m for the six months ended June 30, 2019.
Net profit for the six months ended June 30, 2020 was $19.8m, compared to net profit of $14.2m for the six months ended June 30, 2019.