ECONOMY

In Brief

Credit Agricole snubs Greek gov’t over Emporiki acquisition PARIS (Reuters) – French bank Credit Agricole yesterday rejected the Greek government’s view that an agreement that would allow Agricole to sell back its stake in Greek lender Emporiki at the original price was incompatible with local law. Credit Agricole has a stake of 9 percent in Emporiki’s share capital and 11 percent of its voting rights. On Tuesday, Finance Minister Giorgos Alogoskoufis said that a clause allowing Credit Agricole to sell back its stake in Emporiki at the original acquisition price was not compatible with Greek laws. «Credit Agricole confirms that the agreement was concluded in the usual process and conformed to legal processes,» it said in a statement. Credit Agricole also reproached the Greek government for the timing of its comment, as Emporiki in the midst of a rights issue to raise 397 million euros. Credit Agricole has yet decide whether or not it will take part in Emporiki’s rights issue. PPC 9-month results hit by low tariffs and emission costs Public Power Corporation (PPC)’s nine-month net profit fell by more than a third as fuel and carbon emission costs surged, while its chief executive also blamed its low, state-controlled tariffs. The 51 percent state-owned dominant power producer said yesterday net profit fell by 39.5 percent to 155.1 million euros. Sales rose by 5.2 percent to 3.24 billion euros. «The sales increase as well as the small adjustment of tariffs was not enough to counterbalance the negative consequences of the crude oil and natural gas price increases,» PPC Chief Executive Dimitris Maniatakis said in a statement. He also said the utility faced environmental costs related to the purchase of carbon dioxide emissions rights. (Reuters) Germanos Increased mobile phone use domestically and sales abroad drove Greek phone and accessory retailer Germanos’s nine-month profit up 17.6 percent, the company said yesterday. Group net profit came in at 46.5 million euros in the first nine months, while sales grew 16.9 percent to 701 million euros, with foreign operations contributing 27.5 percent in total revenues, up from 19 percent in the year-earlier period. For the 2005-2007 period, the company reiterated it expected EPS growth of 13-15 percent and sales growth of 15-17 percent respectively. (Reuters) Coke Increased soft-drink consumption in emerging markets drove Greek bottler Coca-Cola HBC (CCHBC)’s nine-month profit above market expectations and the company said yesterday it saw even bigger growth. The world’s second-largest bottler of Coca-Cola products by sales was confident it would meet its previous full-year target for earnings per share (EPS) of 1.28-1.30 euros and EBIT growth of 12 percent. Nine-month net profit rose 17.9 percent year on year to 300 million euros ($351 million), versus adjusted net profit of 254.4 million euros the same period last year, it added. (Reuters)