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Greek-listed enterprises report 570-mln-euro losses in Jan-Sept

Δημοσίευση 2 Δεκεμβρίου 2010, 10:02 / Ανανεώθηκε 27 Ιουνίου 2013, 14:55
Greek-listed enterprises report  570-mln-euro losses in Jan-Sept
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Greek-listed enterprises reported losses totaling 570 million euros in the January-September period this year, Pegasus Securities said on Wednesday. In an analysis of nine-month results, Pegasus said companies' results showed some improvement in the third quarter of 2010 although it stressed that this development should lead to any enthusiasm or great expectations for the year.

Greek-listed enterprises reported losses totaling 570 million euros in the January-September period this year, Pegasus Securities said on Wednesday. In an analysis of nine-month results, Pegasus said companies' results showed some improvement in the third quarter of 2010 although it stressed that this development should lead to any enthusiasm or great expectations for the year.

In a report, Pegasus Securities said a decline in losses to 570 million euros in the nine-month period, from losses totaling 1.37 billion euros in the first half of the year, was a small success since banks have contributed losses as a sector so far this year. The final figure of losses reflected mainly higher losses reported by MIG (1.38 billion euros), Atlantic (107 million euros), banks' losses (553 million euros) and losses suffered by several sectors such as transport, publications, holdings and constructions.

The balance between loss-making and profitable enterprises was in favour of loss-making companies with a ratio of 55:45.

After tax and minorities earnings of 261 listed enterprises fell 111.3 pct in the nine-month period, while turnover rose 3.9 pct to 58.438 billion euros and operating earnings fell 14.8 pct in the period.

The number of loss-making enterprises that turned into profitable were unchanged, while the number of companies moving the other way around recorded a small improvement.

Mytilineos, Metka, Frigoglass, S&B, Coca-Cola Hellenic Bottling, Titan, Piraeus Port, Bank of Cyprus, Elval and Karelias managed to raise their profits in the January-September period, while small-size enterprises such as Mathios, Mermeren, Karatzis, Inform Lycos, Karamolegos, Eurodrip, Loulis, Kathimerini, Iktinos, Infoquest, Kyriakidis, Thrace Plastics, MLS Informatics, Voyatzoglou and Kepenos Mills, also raised their profits.

On the other hand, listed enterprises such as Emporiki Bank, Geniki Bank, ATEbank, MIG, Nutriart, Intracom, Petzetakis, Atlantic, Edrasi, Desmos and the whole sectors of transport and media recorded higher losses.

Banks managed to report improved results in the third quarter of the year, with the rate of provisions slowing to 35 pct from 37 pct in the first half, totaling 5.17 billion euros. Interest income slowed to 7.78 pct, while commission income was a negative 5.95 pct. Operating costs in the sector grew slower at 0.23 pct