ECONOMY

In Brief

Cyprus gives Turkey credit through IMF NICOSIA – Better known for being at each other’s throat, Cyprus has become a lender to arch rival Turkey through the IMF, island officials said yesterday. The Mediterranean island was one of 30 countries picked by the IMF to contribute toward a $12 billion loan increase to Turkey which was approved in early February. Cyprus’s contribution was some eight million pounds ($12.08 million). «Turkey was in a difficult position and Cyprus has certain obligations through its IMF membership,» Finance Minister Takis Clerides told reporters. (Reuters) Panafon says 9M 2001 EBITDA up 10.3 pct y/y Greek mobile operator Vodafone Panafon said yesterday its earnings before interest, tax, depreciation and amortization (EBITDA) in the nine months to December 2001 rose 10.3 percent year-on-year. EBITDA came to 310.9 million euros in the period, compared to 281.9 million euros in the same period a year earlier. The company said in a statement that in the nine months under consideration, income before tax came to 187.4 million euros versus 199.6 million in the same period in 2000, down 6.1 percent. Revenue rose 14.2 percent to 738.4 million euros. Figures are calculated under Greek GAAP. Its fiscal year runs from April 1 through to March 31. (Reuters) Titan group 2001 earnings up Titan Cement said yesterday earnings before interest, tax, depreciation and amortization (EBITDA) increased 24 percent year-on-year to 246 million euros, at the bottom end of market expectations. «The increase is due mainly to the complete consolidation of Tarmac America and the improved conditions on the Greek market,» the company said in a statement. Titan acquired Tarmac America in October 2000 and apart from the US and Greece, also has operations in Egypt, FYROM and Bulgaria. Group net profit after minorities were 103 million euros, up nine percent year-on-year. (Reuters) Turkish stocks slide Turkish shares hit their lowest level this year yesterday, amid fears that the economy would grow more slowly than government predictions while inflation remains stubbornly high. The first day’s trading after a four-day public holiday saw Istanbul’s benchmark index fall 2.1 percent to 10,932 points. Analysts said the fall reflected market concerns that the government’s targets of 3 percent growth and a year-end annual inflation rate of 35 percent may be tough to meet. (AP) Profit rises Hyatt Regency’s Greek subsidiary, which operates a casino and hotel in Thessaloniki, yesterday reported group pretax profits in 2001 rose 12.7 percent to 37.85 million euros. Turnover rose 4.3 percent to 145.35 million euros. Hyatt is currently bidding for a 49-percent stake and management of Mt Parnes casino. Intracom Construction, an Intracom group member, said yesterday group pretax profit after minorities rose 59 percent year-on-year to 17.5 million euros. The company said in a statement that sales grew 42.5 percent to 86.5 million euros. The bank said it intends to propose a dividend of 1.10 euros per share at the forthcoming annual general meeting, up from 1.09 euros in 2000.