Technodomiki H1 net beats forecasts
Greece’s largest construction group Hellenic Technodomiki TEV said late on Thursday first-half net profits tripled, due to one-off gains from an asset sale and higher profit margins. Technodomiki said net profits rose to -90.9 million, above an average forecast of -44.9 million in a recent Reuters poll of analysts. In April, Technodomiki sold its 39.2 percent stake in small telecom provider Attica Telecommunications. Sales rose 37 percent to -415.4 million, while earnings before interest, tax, depreciation and amortization (EBITDA) rose 42 percent to -58 million. The group said the operating margin of its construction business improved to 3.7 percent. Technodomiki, with a current order backlog of about -3.3 billion, receives tolls from the operation of a ring road in Athens and the Rio-Antirio bridge connecting southern Greece to the mainland. Active in waste management and wind energy, it has also undertaken large projects in Qatar and Oman. The stock trades about 18 times estimated 2007 earnings, compared with a multiple of 19 for European peers.
