Greek-listed companies' profits up 150.6 pct in Jan-Sept

Greek-listed companies' profits up 150.6 pct in Jan-Sept

Greek-listed companies reported a spectacular 150.6 pct increase in after tax earnings in the January-September period this year, totaling 5.797 billion euros, largely reflecting strong results reported by Greek banks, which were not burdened by heavy extra losses this year, a survey by Beta Securities showed on Monday.
The survey noted, however, that turnover fell 5.1 pct in the nine-month period to 53.374 billion euros, while operating earnings fell 18.9 pct to 4.732 billion euros.

Commenting on the results, the securities firm said the nine-month results rebounded strongly, reversing their decline, as most listed companies returned to profitability compared with those which fell to losses. Among the 206 listed companies, 81 (39 pct) were profitable and 25 (61 pct) loss-making. Among the profitable ones, 15 reported an increase in earnings, 28 lower earnings and 28 returned to profitability. Among the loss-making, 60 cut their losses, 48 saw their losses widening and 17 returned to loss.

Beta Securities said that Aegean Airines, Hellenic Exchanges, Plaisio, Sarantis, Metka, Iaso, Piraeus Port, Kyriakidis, Kanakis, FFGroup, Profile, Iktinos, MLS Informatics, Perseus, Karatzis, Elton Chemicals and Crete Plastics continued their positive earnings course. OTE, Thrace Plastics, Coca Cola and European Reliance reported lower profits and PPC showed a significant improvement in earnings.

Titan, Fourlis, Hellenic Petroleum and Motor Oil reported slightly improved results in the January-September period, while Papoutsanis, Crete Building, Petropoulos, Unibios, Eltrak, Kleeman, Info-Quest, Ekter, Euroconsultants, Lampsa, Varvaresos, Mermeren Combinat, Cyclon and Ionian Hotels returned to profitability.

On the other hand, Forthnet, Parnassos, Pegasus, Alumil, Heracles Cement, Dionic, Axon, Sfakianakis, Sidenor, Halcor, Hellenic Cables, Viohalco, Hygeia, GEK Terna, Avax, Creta Farm, Hellenic Sugar, Hellenic Textiles, Lavipharm and Akritas reported significant losses.