ECONOMY

Sharp growth in 2001 is expected for Crete Plastics

Crete Plastics, the market leader in plastic sheets for agricultural use and masterbatches, expects to record consolidated turnover of 20 billion drachmas and consolidated pretax profits of 2.3 billion drachmas this year. The projected revenue and profit gains are based on contributions from new investments, overseas subsidiaries and a wind park due to be constructed on Crete, managing director Michalis Lembidakis told the Association of Members of the Athens Stock Exchange Council yesterday. Last year, Crete Plastics lifted consolidated revenues to 17.5 billion drachmas and profits to 2.11 billion drachmas. The parent company had turnover of 17.1 billion drachmas and net profits of 2.07 billion drachmas, up by 26 percent and 9 percent respectively. The sharp growth in exports, increasing by 38 percent to 6.9 billion drachmas, point to the company’s increasingly important overseas presence. Crete Plastics currently exports to more than 50 countries, Lembidakis said. The company has five subsidiaries abroad, among them Romanian unit Romcolor 2000 SA which produces masterbatches and polyethylene pipes, Global Colors Polska in Poland and Turkish operation Senkroma AS which manufactures masterbatches. A joint venture to be based in Shanghai is due to start production next year. The partners are Chinese state-owned companies. The currency board remains the best instrument to control inflation despite the impact of external factors like higher oil prices, Roberts said by telephone from London.