ECONOMY

Kathimerini posts rise in turnover, shipping arm boosts profits

The Kathimerini publishing group reported a 28.1 percent rise in sales in the first half to 41 million euros, from 32 million in the same period last year. Net income after tax and minorities reached 4.5 million euros, compared to 4.9 million in the first half of 2002 when results were boosted by the sale of a real estate item. Subsidiary merchant shipping investment company Argonaftis accounted for 4.2 million euros of income. In the parent company, turnover rose 26.3 percent to 25.3 million euros, compared to 20 million euros in the same period last year. The improvement is due to higher revenues from circulation, advertising and the printing facility. Earnings stood at 242,000 euros, against 1 million euros in the first half of 2002, despite the significant improvement in gross and net operating results. The fall in income is due to lower revenues from exceptional items and increased depreciation provisions, which amounted to 3 million euros, against 2.2 million in the the same period last year.