ECONOMY

In Brief

Weak dollar hits Titan Cement’s 9-month sales Titan Cement yesterday reported a 4 percent rise in nine-month group net profit to 87.4 million euros ($104 million), slightly below market expectations, saying a weak dollar hit revenues. Analysts had forecast on average an almost 6 percent rise in nine-month group net profit to 88.9 million euros, citing a drop in extraordinary losses and an expected hike in sales in the third quarter. Titan, which operates in the US, Egypt, Bulgaria and the Former Yugoslav Republic of Macedonia, said the weaker dollar pushed down nine-month sales by 1 percent to 780 million euros. «This resulted in correspondingly lower revenues and operating EBITDA mainly from the US. At constant exchange rates, group sales to date were up 7 percent and operating EBITDA up 1 percent versus 2002,» it said in a statement. Nine-month earnings before interest, tax, depreciation and amortization (EBITDA) were down 3 percent to 215 million euros. The group did not release separate third-quarter figures. For the first six months, Titan reported a 1.5 percent drop in group net profit and a 5 percent decline in sales. Titan shares closed 1.49 percent down at 33.16 euros. The company reported the results after the market close. (Reuters) Folli-Follie profit surges buoyed by Asian revenue Luxury goods retailer Folli-Follie reported an 82 percent rise in nine-month pretax profits to 44 million euros after minorities, beating market expectations. Earnings before interest, tax, amortization and depreciation (EBITDA) came in at 37.4 million euros, 36 percent up on a year ago, while sales reached 112 million, up 21 percent. Results are not directly comparable to last year as they include a 24.7 percent stake in Hellenic Duty Free Shops (HDFS), that Folli first incorporated into its first-half results this year. Folli, which has over 230 stores and sells watches, jewelry and fashion accessories in 20 countries worldwide, said that its Asian sales contributed the most to revenues for the period, with Japan making up 24 percent of sales and the rest of Asia around 42 percent. (Reuters) Intracom Telecom equipment maker Intracom has signed a 26.5-million-euro, five-year contract with Germany’s Zeiss Optronik to produce parts of the targeting system for the Greek army’s Leopard 2HEL tanks. Intracom will make the thermal cameras Ophelios and electronic subsystems for the tanks’ periscope. Sunlight Battery manufacturer Sunlight, a member of the Germanos group, has signed agreements to supply mobile operators Vodafone-Panafon and Telestet 125 and 80 autonomous power systems respectively for isolated base stations throughout the country, worth a total of 23 million euros. Real estate Danos & Associates is holding a real estate conference, as part of the Money Show, on «Trends in the Real Estate Market in Greece and Cyprus – Similarities and Differences.» At the Panhellenic Sailing Club, Mikrolimano, Piraeus. For further information, tel 210.756.7358.