ECONOMY

Larco posts profits

Larco General Mining and Metallurgical Company SA, Europe?s largest ferronickel producer, said profit rose 3 percent last year as nickel prices increased.

Net income for the 12 months ended December 31 increased to 6.6 million euros from 6.4 million in 2010, the Athens-based company said.

Revenue increased 30 percent to 311 million euros while the cost of selling its products rose about 31 percent to 282.6 million euros, according to the results.

Greece transferred its 55 percent stake in the company to the Hellenic Republic Asset Development Fund (TAIPED) that has begun the process of selling the shares with HSBC Holdings Plc and PricewaterhouseCoopers LLP as advisers.

National Bank of Greece has a 33 percent stake in Larco while Public Power Corporation owns remaining shares. [Bloomberg]