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Athens News Agency: News in English, 09-03-26

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <>


  • [01] Mytilineos Group says turnover up, EBITDA down in 2008
  • [02] Vivartia to break into 4 separate companies
  • [03] OPAP says investment management firm owns 13.38% of its equity capital
  • [04] Athens reiterates support for pipeline
  • [05] Greek stocks end 1.16% higher

  • [01] Mytilineos Group says turnover up, EBITDA down in 2008

    Mytilineos Group on Thursday said consolidated turnover rose to 976 million euros in 2008, from 913 million euros in the previous year, despite adverse conditions in the foreign exchange market which burdened the group's turnover by 50 million euros.

    The Group said net after-tax profits totaled 31.3 million euros last year, while net after tax and minorities earnings totaled 18.5 million euros. Pre-tax, interest and amortization earnings (EBITDA) eased to 117.6 million euros in 2008, from 153.7 million in 2007, burdened by higher fuel and electricity price costs.

    Metka reported a 34 pct increase in turnover to 381.5 million euros, while EBITDA rose 17 pct to 66.9 million euros and EBITDA margin remained a high 17.5 pct. Net after tax and minorities earnings rose to 41.4 million euros, from 36.8 million euros in 2007.

    [02] Vivartia to break into 4 separate companies

    Vivartia SA on Thursday announced a board decision to transform itself into a holdings and management services company, by breaking into four subsidiaries -- dairy and beverages, bakery goods & pastries, fast-food outlets and frozen foods.

    The plan will be presented for approval in a general shareholders' meeting.

    Vivartia said a transformation date was set at March 31, 2009 and noted that the main goals of the plan are more efficient management, greater flexibility and strategic partnerships for each sector separately.

    [03] OPAP says investment management firm owns 13.38% of its equity capital

    OPAP SA on Thursday announced that the Capital Research and Management Co. - an investment management company - owns 42,705,785 shares indirectly, or 13.3874 pct of the Greek lottery and football pools' equity capital, including a 5.148-pct equity stake, or 16,421,040 shares, directly owned by Capital Income Builder.

    [04] Athens reiterates support for pipeline

    Construction of an oil pipeline linking Burgas, on Bulgaria's Black Sea coast, with Alexandroupolis in extreme northeast Greece, ?is a project of national importance,? Development Minister Kostis Hatzidakis reiterated on Thursday.

    Speaking to reporters after a meeting with the chairman of the Russian oil company Transneft, Nikolai Tokarev, to discuss progress in the pipeline project, the Greek minister stressed that Athens' will was to complete the project as soon as possible. He said he believed that the same volition prevails on the Russian and Bulgarian sides as well.

    Hatzidakis said the project could begin in 2010, adhering to timetables set for construction.

    Moreover, he said the Greek government will table a draft bill to Parliament by the end of June to sort out any problems related with the construction of the oil pipeline, stressed that ?construction of more pipelines contributed to the energy safety of Europe and Greece and to better services to consumers?.

    The meeting was also attended by representatives of the consortium building the pipeline (Transbalkan Pipeline) and representatives of Kazakhstanâs oil company.

    Tokarev told reporters he was completely satisfied with the support offered by the Greek development ministry and Greek companies participating in the project, and noted that ILF, a German firm, would soon complete its technical and financial survey for the pipeline project.

    Finally, Tokarev said the Burgas-Alexandroupolis pipeline would not compete with any other project and that the aim was to strengthen the security and independence of consumers.

    [05] Greek stocks end 1.16% higher

    Greek stocks ended 1.16 percent higher at the Athens Stock Exchange on Thursday, pushing the composite index of the market above the 1,700 level. The index ended at 1,714 points, with turnover an improved 161.6 million euros, of which 8.6 million euros were block trades.

    Most sectors moved upwards, with the Financial Services (4.66 pct), Banks (4.36 pct) and Chemicals (4.33 pct) scoring the biggest percentage gains of the day, while Travel (1.93 pct), Utilities (0.90 pct) and Food/beverage (0.66 pct) suffered losses.

    The FTSE 20 index rose 2.01 pct, the FTSE 40 index ended 1.15 pct higher and the FTSE 80 index ended 0.75 pct up. Broadly, advancers led decliners by 122 to 72 with another 62 issues unchanged.

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