ECONOMY

State project delays, competition will affect Intracom’s results

Project delays and intense competition are likely to have a negative impact on Intracom’s sales this year, the telecoms equipment maker said yesterday. «2005 will be a year in which sales will show a downturn despite Intracom’s strategic repositioning,» Chief Executive George Deliyiannis said, adding that said major projects planned for this year are now expected to be pushed back by a year, citing lengthy delays in the state information technology program. To offset slowing domestic sales, Intracom is now focusing on foreign markets and targets more than half of revenue from its activities abroad. Intracom posted a 24.5 pct drop in first-half net profit to 9.77 million euros, with sales down 12.4 pct to 258.2 million. (Reuters)