By Anestis Dokas

The 2012 financial reports of the 267 companies listed on the Athens Exchange are expected to show a ratio of two loss-making firms for every one that turned a profit when their publications are completed by March 29.

The first few have already published their reports for last year, with analysts’ estimates referring to total after-tax losses in excess of 1.5 billion euros, not including the results of the seven banks.

The cost of money and the high borrowing have been the catalysts for a seventh consecutive loss-making quarter for Athens-listed companies, a record in the history of the bourse.

In a particularly hostile environment after five straight years of recession, the only sectors to have managed to avoid a slump have been oil refineries (Hellenic Petroleum, Motor Oil), exporting companies (Coca-Cola HBC, METKA, Karelia, Sarantis, Eurodrip, Corinth Pipeworks), retail firms (Duty Free Shops, Jumbo, Plaisio Computers, Korres) and the main state companies (PPC, OPAP, OLP, OLTH, EYDAP and EYATH).