ECONOMY

In Brief

Hellenic Post 2001 group profit higher The Hellenic Postal Service (ELTA), currently being sold under the State’s privatization program, reported group pretax profit of 16.4 million euros in fiscal year 2001, up from 12.6 million in 2000. The results are not directly comparable with the previous year due to the first-time consolidation of ELTA subsidiaries, including its courier service. Turnover reached 389 million euros from 353 million a year earlier. Profit after tax and minorities amounted to 16.05 million euros. France’s La Poste has offered a total of 26-28 million euros for a 10-percent stake in ELTA, including a 50-percent stake in its courier service. (Reuters) TIF plans major investment program despite losses The state-run Thessaloniki International Fair (TIF) company this summer will launch a 16.1-million-euro investment program aimed at fully modernizing its installations that will host the EU summit in June 2003. The company posted losses of 1.76 million euros from a turnover of 5.30 million in 2001, against a profit of 93,900 euros from a turnover of 19 million euros in 2000. Its management attributes the losses to an addition of 1.03 million euros to the wage bill because of 38 employees who obtained injuctions against being transferred to other departments in the public sector and to high provisions for depreciation, totaling 3.7 million euros. A 10-percent increase in turnover is projected for 2002, mainly from the organization of more regional exhibitions, including Ioannina, Larissa and Volos at home and Skopje – currently being held – and Tirana abroad. Losses are expected to be smaller. German partner Deutsche Bank’s new chairman, Josef Ackermann, who arrived in Athens on a private visit yesterday, is expected to meet Economy and Finance Minister Nikos Christodoulakis today. Last night Ackermann had contacts with businessman Spyros Latsis and the board of EFG Eurobank Ergasias, in which Deutsche Bank has a 10-percent interest. He later attended a reception at the German Embassy. Museum project A consortium comprising construction companies Avax, Gnomon and EKTER has signed a 16.75-million-euro contract to upgrade and expand the archaeological museum of Iraklion, Crete. The present building, constructed in phases between 1935 and 1955, is considered a fine example of the modernist movement and one of the largest of its kind at the time. The project should be ready in 1,200 calendar days (3.3 years). MBA program The Greek Business Management Association (EEDE) and Britain’s University of Bath will launch a two-year MBA course in Athens in September. The program will be presented on Wednesday, June 19, at EEDE’s head office, 200 Ionias Ave & Iakovaton, at 6.00 p.m. For more details, tel 010.2112.000-9. Vovos Listed real estate firm Babis Vovos has signed a sale and leaseback preliminary agreement with a group of foreign investors for an office block it is constructing in the Athens district of Ambelokipi, sources said.