ECONOMY

In Brief

Elter and Intrakat win Messinia dam contract A joint venture between Elter SA and Intrakat SA, the building unit of Intracom SA, won a 35.3-million-euro ($48.2 million) contract to build a dam in Greece. The two companies will build the dam in the region of Messinia, according to an e-mailed statement from Athens-based Intrakat yesterday. It said the contract was awarded by the Ministry of Development. (Bloomberg) Hellenic Petrol reports sharp profit drop Hellenic Petroleum, Greece’s biggest refiner, said first-quarter net profit fell 63 percent year-on-year to 34 million euros ($46.36 million) on falling oil prices, which reduced the value of its oil stocks. Net earnings were largely in line with market expectations. Analysts polled by Reuters were expecting net profit of 33.7 million euros on average, with estimates ranging from 28.9-39 million. Stripping out the effect of lower oil prices on the value of inventories and other one-off items, adjusted «clean» net income was 51 million euros. (Reuters) OPAP outlook OPAP SA, Europe’s largest publicly traded gaming company, may say first-quarter profit dropped 0.2 percent on broadly flat sales and higher operating costs. Net income was probably little changed at 208 million euros ($284.9 million) compared with 208.5 million euros a year earlier, according to the median estimate of seven analysts surveyed by Bloomberg News. Sales probably rose 3.4 percent to 1.43 billion euros, according to the survey. Revenue from Kino, the company’s biggest numbers game, probably advanced 7 percent to 725.9 million euros. Sales of Pame Stoichima, a fixed-odds sports betting game, may have fallen to 541 million euros from 577.2 million euros. OPAP is scheduled to release earnings on Tuesday. (Bloomberg) Piraeus earnings Piraeus Bank, Greece’s fourth-largest lender, said yesterday first-quarter net profit fell 63 percent year-on-year to 51.8 million euros ($71.4 million) on slower loan growth and higher loan-loss provisions. Net earnings were below market expectations. Analysts polled by Reuters were expecting net profit of 63.6 million euros on average, with estimates ranging from 50-84 million. Piraeus, present in Romania, Bulgaria, Serbia, Albania, Cyprus, Egypt, Ukraine and the US, said net interest income was down 4 percent year-on-year to 255.3 million euros. (Reuters) New stores boost Jumbo SA, the Greek toy retailer, said fiscal nine-month profit rose 16 percent, boosted by the opening of new stores. Net income climbed to 68.1 million euros ($92.9 million) during the period through March, the Athens-based company said in an e-mailed press release yesterday. Sales advanced 16 percent to 356.6 million euros. Jumbo, which also sells baby products and stationery, said sales were helped by the «exceptional performance» of its large store in Bulgaria, which is in its second year of operation. The company plans to open two more stores next year, one in Greece and one in Bulgaria, bringing its total to 46 stores. Jumbo forecast full-year sales to rise 15 percent this year and 8 percent in 2010. The company sees net profit climbing 6 percent next year, according to the statement. (Bloomberg)