Greek PPI up 8.5 pct in Feb

Greece's Producer's Price Index in the industrial sector (measuring both the domestic and external markets) grew 8.5 pct in February this year, compared with the same month in 2010, after recording a 6.7 pct increase in February 2010, Hellenic Statistical Authority said on Tuesday.

The statistics service, in a report, attributed this development -which means higher inflationary pressures in the coming months if higher production costs were rolled over to consumption- to an 8.0 pct increase in the domestic market index and a 10.5 pct rise in the external market index.

The producer's price index was up 1.4 pct in February from January 2011.

Business briefs

- Coca-Cola Hellenic Bottling on Tuesday reported a parent loss of 31.9 million euros in 2010 and consolidated net profits of 423.2 million euros, up 6.0 pct compared with 2009. It was the first time ever that the company presented losses in its Greece activities, after several years of profitability.

- Jumbo Group on Tuesday said its sales fell 1.0 pct in the eight-month period from July 2010 to February 2011, totaling 345 million euros and said it expected sales to fall by 1.0 pct or to be flat during the current fiscal year (July 2010-June 2011).

- Attica Bank on Tuesday said its pre-tax profits totaled 1.3 million euros in 2010, from 12.6 million euros in the previous year, while after tax and pre-extra tax charges results showed a loss of 1.9 million euros. After tax and extra tax charges showed a loss of 7.1 million euros, from profit of 5.6 million euros in 2009.

- Bank of Greece, the country’s central bank, has recommended the introduction of a “guaranteed check” in credit transactions, a move aimed to limit the increasing menacing problem of bounced checks. The central bank’s proposal also envisages that check books issued by commercial banks have a specific number of individual checks, while the bank issuing the booklet guarantee payment of stated sums - a figure which should be fixed.

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