Mytilineos profits plummet
Metals and energy group Mytilineos reported a 90 percent drop in net profit last year on high fuel and commodity costs and warned that 2009 will be one of the most difficult years in decades for the metallurgy sector. Net income fell to 18.5 million euros from 193.6 million euros in the year-earlier period, missing a 20.2-million-euro profit expected by analysts, according to Bloom-berg. «In the metallurgy and mining sector, 2009 is expected to be one of the most difficult years of recent decades globally,» it said. «The combination of reduced demand – expected to decline by as much as 50 percent as a result of conditions in the automotive and construction sectors – rapidly growing stocks and monetary instability guarantee low returns for the entire sector,» it said. Sales advanced to 976 million euros from 913 million euros in the previous year. Separately listed Metka, the unit of Mytilineos that is Greece’s biggest power plant builder, said full -year net income hit 41.4 million euros from 36.8 million last year.