ECONOMY

Capital gains and high furniture sales boost Fourlis’s income

Net profit at Fourlis, the local franchise of Swedish home-furnishings giant IKEA, rose 85.4 percent in the first nine months of the year, boosted by one-off capital gains and strong furniture sales. Fourlis, which also sells electrical appliances, said yesterday net profit rose to 21.2 million euros from 11.4 million in the same period last year. Group sales grew 18.8 percent to 329.2 million euros, with IKEA stores producing revenues of 138 million, a 13.6 percent rise. Fourlis booked extraordinary gains from the revaluation of its 10 percent stake in Greek electrical goods retailer Kotsovolos, which it has agreed to sell to Britain’s DSG International Plc by 2009. (Reuters)