State Hellenic Defence Systems posts 142.3 million euro net losses in 2010

The state Hellenic Defence Systems (EAS) S.A.  posted net losses of 142.3 million euros in 2010, compared with a net loss of 168.4 million euros, it was announced on Thursday.
Pre-tax losses stood at 138.7 million euros in 2010, compared with corresponding losses of 173 million euros in 2009.

EAS' own capital is minus 677 million euros.

EAS, the state defence materiele industry that is slated for privatisation, was established in 2004 from the merger of former PYRKAL (Greek Powder & Cartridge Company S.A.) munitions industry and the former Hellenic Arms Industry S.A. (EBO).

According to the consolidated balance sheet, EAS' revenues in 2010 plunged to 31.3 million euros from 53.8 million euros in 2009, posting a 42 percent, or 22.5 million euros, decline.

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-- SEKAP, a Greek tobacco industry cooperative, on Thursday reported significant losses in 2010, hit by a sharp decline in demand for cigarettes. The company, controlled by ATEbank, said its revenues fell to 36 million euros in 2010, from 53.2 million euros in the previous year, for a decline of 32 pct, while pre-tax losses totaled 13.165 million euros in 2010 after profits in 2009.

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