Pharol, SGPS S.A. reported consolidated earnings results for the half year ended June 30, 2018. For the period, the company reported loss before financial results and taxes of EUR 14,924,487 against EUR 191,242 a year ago. Loss before taxes was EUR 15,291,508 against income before taxes of EUR 178,784 a year ago. Loss attributable to equity holders of the parent was EUR 2,762,906 against profit attributable to equity holders of the parent of EUR 161,678 a year ago. Cash flows from operating activities were EUR 4,892,860 against cash flows used in operating activities EUR 6,016,691 a year ago. LBITDA was EUR 2.4 million against EUR 2.6 million a year ago. Net revenues to reduce by 7% compared to the same period in 2017.