Sunday November 23, 2014 Search
Weather | Athens
18o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Stocks edge lower as companies report key H1 financial results

The Greek stock exchanges general index gave up 0.85 percent on Thursday, falling to 1,167.51 points, as European bourses also headed south on worries of an escalation in the conflict in Ukraine.

Turnover in Athens reached 93.4 million euros on Thursday. The large-capitalization index fell 0.69 percent, with Jumbo posting the greatest drop (4.05 percent). The blue chip with the biggest gains was Folli Follie, which went up by 3.07 percent.

Folli Follie was one of several listed companies to announce its financial results for the first half of the year on Thursday. The jewelry retailer reported a 30 percent rise in first-half core profit, helped by robust growth in Asia and a gradual recovery in consumer morale in the crisis-hit country. Earnings before interest, tax, depreciation and amortization (EBITDA) came in at 116.5 million euros in the first six months of the year, from 89.6 million in the same period last year.

The Public Power Corporation reported a bigger-than-expected drop in first-half net profit, weighed down by increased provisions for overdue bills and tariff cuts. Net profit dropped 24 percent to 96.3 million euros, down from 127.1 million in the same period last year, the company said on Thursday. The company added that bad debt provisions rose 32 percent year-on-year to 249 million euros. The results were also hurt by tariff cuts for industries and businesses. Sales to austerity-hit households and businesses dropped 4 percent to 2.8 billion euros.

National Bank was profitable in the first half, helped by its Turkish unit Finansbank, lower funding costs and reduced provisions for bad loans as the pace of new credit impairments slowed. NBG posted a net profit of 1.146 billion euros, boosted by the recognition of a deferred tax asset. The bank said Thursday that loan-loss provisions fell 17 percent year-on-year to 705 million euros.

Alpha Bank reported a net profit in the first half after booking a deferred tax asset. Alpha posted a net profit of 267.4 million euros after recognizing a 422-million-euro deferred tax asset in the second quarter. Excluding the one-off tax benefit it lost 165.5 million in the first half, which was in line with market expectations. Analysts polled by Reuters had forecast a loss of 160 million euros on average. The bank said nonperforming credit rose to 33.6 percent of its loan book from 33.3 percent in the first quarter, while net interest income grew 27.8 percent year-on-year to 952 million euros, helped by lower funding costs.

[Combined reports]

ekathimerini.com , Thursday August 28, 2014 (19:05)  
Fitch keeps Greek rating at B, outlook stable
More cash for banks with same papers
Growth to fuel rise in revenues
Commercial property draws interest from investors
Cyprus on agenda in Biden visit to Istanbul
The prospects for the resumption of stalled peace talks on Cyprus and the issue of energy security were among the matters discussed on Saturday by US Vice President Joe Biden and Turkish gov...
PASOK nixes Papandreou leadership challenge
The junior coalition partner PASOK rejected over the weekend a proposal by the partys former leader and ex-premier George Papandreou for the party to call an emergency congress and a subseq...
Inside News
INTERVIEW
Tokyo hopes to change the world
The 2020 Summer Olympic and Paralympic Games in Tokyo will serve as a springboard for the rebuilding of Japans image and economy following the triple blow of the earthquake, tsunami and nuc...
BASKETBALL
Big win for Greens, tight one for Reds
Panathinaikos scored a crucial as well as emphatic away win at Turow on Thursday that should see it qualify from its tough group to the top 16 of the Euroleague, while Olympiakos saw off vis...
Inside Sports
COMMENTARY
Is Europe paying attention?
Barack Obama brought hope to the entire world when he was elected president of the United States in 2009 and then again in 2012 for a second term. During his first visit to Europe, marked by...
EDITORIAL
A reasonable agreement
Greece cannot and should not allow itself to be left without a safety net to make up for any funding needs that may crop up after the end of the year. Without such protection it would be at ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Cyprus on agenda in Biden visit to Istanbul
2. PASOK nixes Papandreou leadership challenge
3. Troika tests govt nerves as budget rift persists
4. Climate change to hit farming, Greek coastline
5. Piraeus nightclub shooting leaves 3 seriously injured
6. London court to rule on extradition of former judge
more news
Today
This Week
1. Fitch keeps Greek rating at B, outlook stable
2. Piraeus nightclub shooting leaves 3 seriously injured
3. Climate change to hit farming, Greek coastline
4. PASOK nixes Papandreou leadership challenge
5. Cyprus on agenda in Biden visit to Istanbul
6. Troika tests govt nerves as budget rift persists
Today
This Week
1. Double quake on Atalanti fault line rattles Greek capital [Update]
2. Greece and Poland switch roles as young Greeks head to vibrant Eastern European country for better prospects
3. Anti-junta uprising anniversary to be marked amid tight security
4. Biden heads to Istanbul amid tension over Cyprus EEZ violation
5. Carlsberg takes control of Greek brewer Olympic Brewery [Update]
6. Every age has its collaborators
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.