Greece’s listed companies apparently pulled off an unexpected feat for 2015 by posting higher results with slightly decreased turnover, all amid a bank holiday, still imposed capital controls, three elections, yet another bailout -- the third in line -- and continuing political uncertainty.
Greece’s listed companies apparently pulled off an unexpected feat for 2015 by posting higher results with slightly decreased turnover, all amid a bank holiday, still imposed capital controls, three elections, yet another bailout -- the third in line -- and continuing political uncertainty.
A “N” review of results of the 182 listed companies on the Athens Stock Exchange – sans banks – shows that total turnover reached 62.58 billion euros, a decrease of 4.83 percent from 2014. Nevertheless, profits – of all 182 – reached 780 million euros, a substantial improvement from 218 million euros of 2014.
Nearly one-third of the profitability comes from the refinery sector, a significant turnaround from 2014, with the refinery sector posted 450 million euros in losses. Two major petrochemical and refinery groups are active in Greece, Motoroil and the partially state-owned Hellenic Petroleum (EL.PE).
Additionally, another major listed company, Viohalko, recorded consolidated sales of 3.25 billion euros, up 11.2 percent, yoy. Operational results reached 7.49 billion euros, an increase of 15.37 percent.
Absent from the picture were the nine-month results of the Coca Cola 3E group and Viohalko’s consolidated results.
If refineries are excluded, then operational profits remained stagnant at 6.51 billion euros.