Supermarkets see their earnings dwindle

The 130 supermarket firms in the Greek market posted a massive 88 percent drop in pretax profits in 2010, with 43 registering losses that totaled 129.8 million euros, according to a survey by research company ICAP.

The combined earnings of the 87 profit-making supermarket enterprises came to 145.8 million euros last year.

This made for a total of just 16 million euros across the market, down from 137.2 million euros in 2009, due to a price war and the drop in consumption.