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Athens News Agency: News in English, 09-05-25

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

From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

  • [01] Elinoil reports improved Q1 results
  • [02] Local fast food sector steadily growing, report
  • [03] Foreign minister meets Serb counterpart
  • [04] Gov't on anual IMF report
  • [05] Greek stocks end flat on Mon.

  • [01] Elinoil reports improved Q1 results

    Elinoil on Monday said its consolidated turnover totaled 177 million euros in the first quarter of 2009, down from 195.3 million euros in the corresponding period last year, reflecting a significant drop in fuel prices.

    Fuel sales, in quantative terms, grew 4.0 pct in the January-March period, while the company raised its sales network by adding 27 new petrol stations around the country, to a total 560 units.

    Gross profit grew 4.3 pct to 12.2 million euros in the first three months of the year, from 11.7 million euros last year, while pre-tax, interest and amortisation earnings (EBITDA) fell 5.4 pct to 2.0 million euros.

    Pre-tax profits totaled 396,000 euros in the first quarter, after a loss of 172,000 euros last eyar, while consolidated earnings after tax and minorities totaled 310,000 euros this year, after a loss of 129,000 euros in 2008.

    [02] Local fast food sector steadily growing, report

    The local fast food sector enjoys a high gross profit margin, but suffers from significant distribution spending, leaving businesses in the sector with a low net and operating profit margin, a report by Hellastat SA stated on Monday.

    A survey, conducted with companies in the category, showed that fast food enterprises enjoyed a 60-pct profit margin, although spending totaled 46.4 pct of sales, capital leverage was 1.4 to 1 in the last three years and return on equity totaled 21 pct.

    Short-term bank debt was around 11 pct of sales. Companies in the sector reported a 3.0-pct increase in revenues and an 18-pct decline in net profits.

    Industry representatives said the sector suffered from lack of suitable real estate properties to open new units, high rental prices, high labour costs and a high turnover rate in its workforce.

    [03] Foreign minister meets Serb counterpart

    Foreign Minister Dora Bakoyannis on Monday discussed issues related to European Union enlargement and Serbia's European accession prospects, as well as bilateral economic issues, with visiting Serb Foreign Minister Vuk Jeremic.

    In joint statements afterwards, the Serb minister emphasised the need to relax visa entry requirements for Serbs visiting EU countries and thanked Bakoyannis for the efforts made by Greece for his country in this direction, expressing hope that the matter would resolved by the end of the year.

    In view of this, Bakoyannis said that Greece expected more Serb tourists to visit the country during the summer.

    The Greek minister also expressed Greece's steadfast support for the economies of Balkan countries, in spite of the economic crisis, saying that their economic development was a top priority.

    "We want an environment of stability and development in our neighbourhood," she noted, repeating Greece's support for the EuroAtlantic prospects of Balkan countries, providing the fully met the necessary criteria.

    [04] Gov't on anual IMF report

    "The Greek government is closely studying and evaluating all reports published by international organizations regarding our country, even when we do no agree with certain forecasts and predictions," Economy and Finance Minister Yiannis Papathanassiou told reporters on Monday, commenting on the release of the annual report of conclusions made by the International Monetary Fund (IMF) on the Greek economy.

    ?In any case, it is clear that the next two years will be crucial for the present and the future of Greece,? Papathanasiou said.

    The minister stressed that decisions belong to Greeks.

    "Either we will move forward with major changes and reforms to win the future confidently, or we will turn back to inactivity, uncertainty and misery," he said. Papathanasiou said the government was determined to move forward, putting national interest above all.

    [05] Greek stocks end flat on Mon.

    Greek stocks ended flat at the Athens Stock Exchange on Monday, with the composite index losing 0.06 pct to end at 2,278.78 points. Turnover was a low 163.7 million euros, of which 11.4 million euros were block trades.

    Most sectors moved higher, with the Chemicals (7.11 pct), Media (4.17 pct) and Telecommunications (4.01 pct) scoring the biggest percentage gains of the day, while Constructions (2.65 pct), Oils (1.64 pct) and Banks (1.04 pct) suffered losses.

    The FTSE 20 index eased 0.58 pct, the FTSE 40 index ended 1.73 pct higher and the FTSE 80 index jumped 3.33 pct. Broadly, advancers led decliners by 177 to 60 with another 37 issues unchanged.


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