ECONOMY

Shelman the only wood product firm with profits

Shelman was the only one of the listed wood-processing companies to expand its business and post profits in the first half of the year. This is in contrast to the overall picture on the Athens Stock Exchange, where 280 of the 345 listed firms posted profits. Shelman’s sales rose 1.3 percent to 72.769 million euros this half of the year, while net pretax profit rose to 556,400 euros from 244,000 euros in the same period last year. On a consolidated basis, sales rose 2.5 percent, to 74.82 million euros and net profit after minorities rose to 590,000 euros, from 88,500 last year. In contrast, Balkan saw its turnover decline a considerable 13.5 percent, to 9.68 million euros. The company posted losses of 1.28 million euros, while it had profits of nearly 900,000 in the same period last year. Akritas posted a 14.62 percent rise in turnover, to 12.35 million euros, but also lost 3.62 million, due mostly to 4.22 million euros in write-offs.