ECONOMY

In Brief

Cosmote maintains top spot, posts 10 percent profit rise in 2005 Mobile operator Cosmote, Greece’s biggest, yesterday posted a 10 percent net profit rise to 339.9 million euros for 2005, boosted by its newly acquired, fast-growing Balkan subsidiaries. «The year 2005 has been a milestone for Cosmote with the acquisition and integration of three new companies. All are demonstrating improving operational and financial performance,» Chief Executive Evangelos Martigopoulos said in a statement. The operator acquired its parent OTE’s mobile assets in Bulgaria, the Former Yugoslav Republic of Macedonia and Romania last year. It is also present in Albania. Group sales rose 13.2 percent to 1.79 billion euros, in line with the company’s target of 13 to 15 percent. Cosmote added 135,647 domestic clients in the fourth quarter, bringing total subscribers to 4.6 million. Rival Vodafone Greece had 4.4 million users at end-2005. Titan profits buoyant on strong foreign growth Net profit at Greek cement producer Titan grew 19 percent to 210 million euros in 2005, helped by strong foreign growth and a rebound in domestic construction in the last quarter. Titan, which has operations in the United States, Egypt, Bulgaria and the Former Yugoslav Republic of Macedonia as well as Greece, has expanded to Southeast Europe in recent years to offset the slowdown at home after the end of the 2004 Athens Olympics. Market conditions in the United States maintained their momentum, despite the adverse effect of Hurricane Wilma in the fourth quarter. Providing guidance for the current year, Titan said it expects international operations to drive earnings, led by its US activities. It sees no significant changes in Greece compared to 2005. Titan said it would propose a 2005 dividend of 0.60 euros per share to shareholders. (Reuters) Mytilineos Metals and engineering group Mytilineos Holdings said yesterday 2005 net profit surged to 212 million euros from 12 million a year earlier, boosted by the consolidation of recently acquired Aluminium of Greece. «The group announces an impressive increase in its net profit for 2005, which includes Aluminium of Greece,» the company said in a statement. «Excluding the amount of 138 million euros, a capital gain from the acquisition of Aluminium, the group’s net profitability reached 74 million euros,» it said. In early 2005, the group acquired Aluminium of Greece from Canada’s Alcan. Group turnover rose to 747 million euros, up 140 percent from 2004. (Reuters) To Rhodes, no-frills The Dodecanese Development and Progress Company (DETAP) will prepare an investment profile portfolio for the island of Rhodes to attract flights from low-cost airlines based in the UK, Germany and Italy. It will be ready by July, hoping to add Rhodes to the no-frills airline map.