ECONOMY

Rilken eyes bigger slice of market

Cosmetics manufacturer Rilken is aiming to widen its market share this year despite the economic downturn, the company said yesterday. During 2008, the company managed to gain market share over its competitors as sales in the cosmetics industry shrank by 2.2 percent, the company told shareholders. This is a trend likely to continue this year as well since sales in the industry fell 7.5 percent in the first five months of the year, versus a 6.5 percent rise in Rilken’s revenues in the first quarter. The company added that it intends to push ahead with restructuring efforts in order to cut costs. Shares in Rilken, which are traded on the Athens bourse, fell 4.37 percent yesterday to 3.94 euros. The broader market retreated just over 4 percent. Shareholders approved a 0.09-euro-per-share dividend for 2008 earnings, translating into a dividend yield of 2.28 percent based on yesterday’s closing price.