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Athens News Agency: News in English, 10-05-18

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

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

CONTENTS

  • [01] Enterprises report losses
  • [02] ASE opening: Rise

  • [01] Enterprises report losses

    One in three Greek enterprises reported losses last year, a report by Icap said on Monday.

    The report, based on the analysis of around 4,100 balance sheets - around 10 pct of total societe anonymes and limited companies publishing annual balance sheets -- showed that 26.44 pct of enterprises reported EBITDA losses, another 36.15 pct were loss making in pre-tax earnings, a 54.05 pct reported negative change in EBITDA and 53.71 pct negative change in pre-tax profits.

    Icap said from the sample of 4,098 balance sheets did not include Public Power Corp. and Hellenic Petroleum because of extreme price volatility recorded in their balance sheets.

    Consolidated results showed that sales fell 10.3 pct last year, for revenue loss of 7.2 billion euros, while gross earnings fell 7.3 pct. Financial spending fell 25.8 pct, or 454 million euros, with operating results falling 8.8 pct, or 377.7 million euros in 2009. Pre-tax profits dropped 24.1 pct, while EBITDA fell 7.0 pct to 7.08 billion euros.

    The report showed that total capital recorded a 0.1 pct change, equity capital fell 1.5 pct, while medium-term borrowing fell 0.9 pct and short-term borrowing rose 3.3 pct in the year.

    The manufacturing sector was more affected by a negative climate, compared with other sectors. The 884 manufacturing companies included in the report, recorded an 18.7 pct decline in sales, or 4.2 billion euros, pre-tax earnings dropped 40 pct and EBITDA fell 11.5 pct to 1.5 billion euros in 2009.

    The commerce sector suffered an 8.5 pct decline in sales last year. Profitability of the sector (1,126 enterprises) fell 37.4 pct, pre-tax profits shrank by 296 million euros and EBITDA fell 11.5 pct.

    The construction sector reported a 10.9 pct decline in sales last year. A total of 262 companies in the report, recorded negative operating results in 2009 (-33.1 million euros), with EBITDA down 27.8 pct and losses more than double compared with 2008 to 35.4 million euros.

    The tourism sector (419 enterprises) recorded a 5.2 pct loss in revenue, with gross earnings down 19.4 pct last year. Operating results fell 74.9 pct, with losses of 2.3 million euros. EBITDA fell 16.5 pct in the year.

    [02] ASE opening: Rise

    Equity prices were rising at the opening of trade on Tuesday on the Athens Stock Exchange (ASE), with the basic share price index up 1.43 percent, standing at 1,658.50 points at 11:15 am, and turnover at 19.287 million euros.

    Individual sector indices were moving upward, with the biggest gains in Financial Services, up 2.67 percent; and Travel and Recreation, up 2.17 percent.

    The FTSE/ASE 20 index for blue chip and heavily traded stocks was up 1.59 percent, the FTSE/ASE MID 40 index was up 1.07 percent, and the FTSE/ASE-80 small cap index was up 0.55 percent.

    Of the stocks traded, 60 were up, 11 were down, and 20 were unchanged.


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