ECONOMY

Mytilineos posts high earnings

Metals and energy group Mytilineos reported yesterday first-half net profits of 10.4 million euros, versus 24.1 million euros a year earlier, due to weaker revenues from its power plant building unit Metka. First-half profits in 2008 had included nonrecurring income of 20.3 million euros. The first-half profit figure beat the 7.7-million-euro figure analysts were expecting, according to Bloomberg News. Group revenues dropped 33 percent to 328 million euros year-on-year in the first half, with the company citing delays in projects by Metka. Earnings before interest, tax, depreciation and amortization (EBITDA) slipped to 47.7 million euros from 56 million in the same period a year earlier, helped by successful hedging operations, lower prices for raw materials and cost savings. Metka’s sales fell sharply to 101.8 million euros from 211.9 million in the same period last year. But the group said it expects signed projects to speed up significantly in the second half. The unit’s backlog of projects has reached 1.4 billion euros.