ECONOMY

Kathimerini triples its profits

Kathimerini publishing group almost tripled its profit in 2004, on a 20.5 percent rise in turnover by the parent company and a strong performance by its subsidiaries, particularly the ocean-going shipping firm Argonaftis in which the group has invested part of the capital raised on the stock market. The parent company’s operating profit rose to 7.2 million euros, against 2 million in 2003; net income amounted to 6.98 million from 2.41 million euros the year before. Turnover climbed to 62.2 million euros from 51.6 million in 2003, as a result of improved circulation figures, advertising revenue and publishing activities. Group net results after tax and minorities increased to 9.4 million euros from 7 million in 2003, on an 11.1 rise in turnover to 95.4 million from 85.9 million euros. Management has proposed a dividend payout of 0.55 cents per share – more than twice the figure for 2003 – which amounts to a return of 10 percent.