ECONOMY

In Brief

National Bank profit may fall to 267 mln euros National Bank of Greece SA, the country’s biggest lender, may say first-quarter profit fell on higher impairment costs. Net income probably dropped to 266.9 million euros from 401.1 million euros a year earlier, according to the median estimate of eight analysts surveyed by Bloomberg. The company will report earnings on Friday. (Bloomberg) Alpha sees 58 percent drop in Q1 earnings Alpha Bank, Greece’s third-largest lender, yesterday reported a 58.2 percent year-on-year drop in first-quarter net profit to 85.7 million euros on slower loan growth and higher provisions. Net earnings were above market expectations. Analysts polled by Reuters were forecasting net profit of 75.7 million euros on average, with estimates ranging from 64 to 92 million euros. Alpha Bank, also present in Bulgaria, Romania, Cyprus, Serbia and Albania, said net interest income declined by 9 percent to 402.6 million euros. (Reuters) Tax revenues slip Tax revenue in Cyprus, the eurozone’s second-smallest economy, fell 10 percent in the first four months as locals and tourists bought fewer houses. Total tax receipts for January through April declined to 487.1 million euros from 544.2 million euros a year earlier, the Cypriot Inland Revenue Department said yesterday in a statement on its website. Revenue from taxes on real estate sales slumped 82 percent to 21.3 million euros from 116.2 million euros. Property sale contracts fell by more than 62 percent in the four-month period, according to the Cyprus Department of Lands and Surveys. Cyprus forecast February 17 budget shortfalls until at least 2013 because of the slump in real estate sales. (Bloomberg) Soup deal Coca-Cola Hellenic Bottling Co will distribute Campbell Soup Co’s soups in Russia, expanding the world’s largest soup company’s presence in a key emerging market, the companies said yesterday. Financial terms of the agreement were not disclosed. Coca-Cola Hellenic is the largest beverage distributor in Russia, Campbell said. Campbell entered the Russian market in 2007 in the Moscow area and sells «Domashnaya Klassika,» or «Home Classics,» and currently sells mushroom, beef and mushroom, chicken and beef broths in the country. The move into Russia, along with a similar move into China brought Campbell into two of the largest soup-eating countries in the world. (Reuters) Betting growth Europe’s biggest betting firm, OPAP, said yesterday first-quarter net profit rose 3.5 percent as robust growth from its flagship lottery more than offset weak sports betting activity. Net profit came in at 215.7 million euros, above market expectations. Analysts had forecast net profit of 205.2 million euros on average in a recent Reuters poll. (Reuters) Loss narrows Piraeus Port Authority (OLP), Greece’s biggest port and one of the largest in the Mediterranean, narrowed its net loss in the first quarter, helped by higher sales, it said yesterday. OLP reported a 766,200-euro loss compared with a loss of 5 million in the same period last year, on sales which rose 47 percent to 27.9 million euros. (Reuters)