ECONOMY

Mideast, solar deals attractive for Ellaktor

Ellaktor, Greece?s largest construction group, said on Wednesday that the Middle East is an ?attractive and big? market with the potential for many contracts, according to a presentation by the company.

Key challenges ahead include the materialization of Ellaktor?s 2.6-billion-euro backlog and improving operating profit margins, it said.

The company expects 2010 revenue of 60 million euros from solar energy projects, it added.

On Tuesday, Ellaktor said that the ADCC group of companies, in which it has a 40 percent stake, was declared the winner of a 68-million-euro airport maintenance contract in Doha.

EFG Eurobank Securities welcomed the news of the latest Doha deal despite its small size.

?This is the third project it is undertaking in relation to the Doha airport,? the brokerage said in a note to investors.

Shares in Ellaktor fell 3.71 percent on Wednesday to 3.89 euros, pushing its market capitalization to 688.5 million euros. The broader market in Athens advanced 0.03 percent.