[Update; Photo, Wikimedia Commons]
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.
Geniki Bank to be transformed into development and investment bank
Geniki Bank will be tranformed into a specialised development and
investment banking organisation, creating a new business plan of
development through raising private capital from markets.
A bank statement said the plan will be submitted to banking authorities
for approval as soon as it is ready.
Geniki Bank said its activities will focus on asset management products,
raising savings, selective funding of healthy enterprises with capital and
liquidity combined with a parallel raising of capital from international
markets, capital market consulting services, management of international
and domestic development and investment capital and offering a full
range of non-performing loans management services.
The bank reported net after-tax losses of 14.4 million euros in the
January-September period, from a net loss of 85.3 million euros in the
corresponding period last year. Excluding extra expenses, its losses
fell to 7.4 million euros.
Pre-provision loans totaled 3.1 billion euros, of which 49 pct were
Deposits totalled around 2.0 billion euros at the end of September, down
3.0 pct compared with December 2012, despite a significant reduction of
the bank’s branch network. Geniki Bank said non-performing loans fell 2.0
pct in the third quarter of the year, while its capital adequacy rate
(Core Tier I) jumped to 17.55 pct in the third quarter from 14.70 pct
in December 2012, the highest rate in the Greek market.
(Athens News Agency)
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