ECONOMY

Listed firms report improvement

A significant number of listed companies, including the country’s power giant PPC, posted improved financial results for 2012 on Thursday, pointing to the stabilization of the economy after years of decline.

The Public Power Corporation reported profits of 30.5 million euros, compared to losses of 148.9 million in 2011, along with an 8.6 percent rise in turnover year-on-year. Earnings before interest, tax, depreciation and amortization (EBITDA) grew by 27.1 percent to 991 million euros as a result of salary cuts and the settlement of accounts with the Public Gas Corporation (DEPA).

Piraeus Bank recorded after-tax losses of 513 million euros from losses of 6.6 million in 2011, with its operation costs slashed by 9 percent from 2011 and provisions exceeding 2.5 billion euros.

Aegean Airlines contained its losses to 10.5 million euros from 27.2 million in 2011, despite the 2 percent drop in turnover to 653.4 million euros and a 6 percent slump in passenger traffic to 6.1 million passengers. The Folli Follie Group saw profits expand by 4.7 percent from 2011 to 95.62 million euros.

Intralot’s EBITDA increased by 15.4 percent to 177.4 million euros, but its profits fell to 6.1 million from 17.7 million in 2011. Group turnover expanded by 14.3 percent within a year. Intracom contained its losses from 59.6 million euros in 2011 to 49.7 million last year, thanks to a 55 percent EBITDA rise to 76.2 million euros and a 4.3 percent increase in sales to 541.7 million.

Meanwhile, the Capital Market Commission concluded on Thursday that Greek listed companies have over 110 million euros in deposits in Cypriot banks, following the submission of their reports regarding the degree of their exposure to the country’s economy.