In Brief
Korres nine-month profit up 28 pct on new stores Korres Natural Products SA, the Greek cosmetics-maker whose yogurt and pomegranate moisturizers are sold in stores such as London’s Harrods, said nine-month profit rose 28 percent on increased sales and new stores. Net income climbed to 3 million euros ($3.8 million) from 2.4 million euros in the year-earlier period, the company said in a filing to the Athens bourse yesterday. Sales rose 53 percent to 37.8 million euros, while earnings before interest, tax, depreciation and amortization increased 40 percent to 6.8 million euros. Korres has opened seven new stores outside Greece in 2008, bringing its total to 23. The percentage of foreign sales doubled to 29 percent, compared with 14 percent in the same period last year, the company said. Sales were boosted by the introduction of the new Kings & Queens product line, which is sold in supermarkets, makeup sales and an increase in sales of men’s products. (Bloomberg) Beijing property officials to visit Athens Senior officials from the Beijing Housing Fund Management Center, a management agency for the city’s public housing fund, are scheduled to meet with Greek real estate officials next week in a bid to broaden ties between Athens and Beijing in the property sector, said the Hellenic-Chinese Chamber of Commerce. The chamber said in a statement the parties will address issues relating to the impact the global crisis is having on property markets, managing fast development of construction activity in city centers and real estate markets in the post-Olympic era. The meeting will take place on Monday at the chamber’s Athens office. Turkish telecom Turk Telekomunikasyon AS, Turkey’s biggest fixed-line phone company, said third-quarter profit fell 4.5 percent as finance costs increased. Net income dropped to 655 million liras ($399.8 million), from 686 million liras a year earlier, the Ankara-based company said. Sales advanced 8.7 percent to 2.62 billion liras. Profit had been predicted at 582 million liras on sales of 2.63 billion liras, the average estimates of five analysts surveyed by Bloomberg News. The company had 5.5 million customers for fixed-line broadband Internet access at the end of September, up from 5.2 million at the end of June. (Bloomberg) Production halts Bulgaria’s Agropolichim and Neochim, leading fertilizer producers in Southeast Europe, are halting production as demand has weakened as a result of the global financial crisis, they said yesterday. The shutdowns are bad news for Bulgaria’s emerging economy as the two companies are among the top exporters from the Balkan country, which depends heavily on foreign cash to fund its huge current account deficit. Neochim’s shares plunged 20 percent to 45 levs ($28.8) on the news in thin turnover, dealers said, contributing to a 7.39 percent fall in Bulgaria’s Sofix blue-chip index. Agropolichim, majority-owned by US Acid & Fertilizer, will shut its two production lines at the end of this week, CEO Philippe Rombaut told Reuters. (Reuters)
