Athens News Agency: News in English, 00-08-28

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From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

[01] Weather Forecast-Tuesday

[02] Foreign Exchange Rates-Tuesday

[03] Panafon-two million subscribers

[04] Fourlis Group-1st half results

[05] Sarantopoulos-1st half results

[06] ASE-close

[07] Hellenic Petroleum-strategic partner

[08] Patriarchate - Scientific conference - Istanbul

[01] Weather Forecast-Tuesday

Sunny weather is forecast in many parts of the country on Tuesday, with cloud in the west, centre and north that may turn to scattered showers or storms.

[02] Foreign Exchange Rates-Tuesday

Following are indicative rates released by the central bank for the next working day.

Tuesdays rates (buying)

Euro 334.879

U.S. dollar 372.069

German mark 171.221

[03] Panafon-two million subscribers

Panafon, Greece's largest mobile phone operator, on Monday announced its subscribers' figure exceeded the two million barrier, a development reaffirming its dominant position in the market.

The company also reported a 19.6 percent rise in its pre-tax profits in the second quarter of the year to 19.7 billion drachmas, and a rise in its pre-tax profit margin to 27.6 percent, from 24.3 percent in the same period last year.

Its turnover rose to 71.3 billion drachmas but mobile phone sets sales' revenues fell 64 percent over the same period.

Pre-tax, interest and redemptions profit totalled 28.8 billion drachmas, while operational profits totalled 21.1 billion drachmas, a 15.1 percent increase from 1999.

[04] Fourlis Group-1st half results

Fourlis Group on Monday reported a spectacular 617 percent jump its its pre-tax profits to 7.5 billion drachmas in the first six months of 2000, from 1.04 billion drachmas in the corresponding period last year.

Pre-tax profits totalled 4.0 billion drachmas excluding minority rights, up 230 percent from last year.

Group sales increased 56 percent over the same period to 81 billion drachmas.

The company has completed a plan for the reform of its structure in the first half of the year. The parent company of Fourlis Group Holding will exclusively coordinate and supervise the operations of the group's 18 companies.

[05] Sarantopoulos-1st half results

Sarantopoulos SA on Monday reported a 51 percent rise in its 1st half turnover to 15.3 billion drachmas from 10.1 billion drachmas in the same period last year.

Company profitability also improved, with pre-tax profits rising to 1.35 billion drachmas in the January-June period in 2000, from 943 million last year.

Sarantopoulos expects this year's turnover to total 32 billion drachmas, from 22.3 billion in 1999, and profits at 3.2 billion from 2.4 billion last year.

[06] ASE-close

Equity prices remained under pressure on Monday, extending their previous week's free-fall on the Athens Stock Exchange, pushing the general index to its lowest levels since April 29, 1999.

Traders said the market's negative climate led to speculation over a fall below the 3,500 support level, although analysts said the market would find strong support at the 3,550 level in the short-term.

The general index ended 1.98 percent lower at 3,558.99 points with turnover a low 44.33 billion drachmas. The FTSE/ASE 20 index for blue chip and heavy traded stocks eased 1.79 percent to 2,011.76 points and the FTSE/ASE 40 index fell 2.17 percent to end at 478.74 points.

The parallel market index for smaller capitalisation stocks ended at 596.34 points, off 2.79 percent.

[07] Hellenic Petroleum-strategic partner

The Greek government will seek a strategic partner or a share swap deal with a petroleum company for Hellenic Petroleum, Development Minister Nikos Christodoulakis said on Monday.

He said that Hellenic Petroleum would take all necessary measures to evolve into a powerful international company. "Today, the company has a dominant position in the area, but it is unable to play a significant role in a European energy market which is dominated by high capitalisation companies, a result of alliance and merger deals," Christodoulakis said.

Following such a move, the state's stake in Hellenic Petroleum's equity capital could fall below 51 percent.

Christodoulakis acknowledged that rising international oil prices were a cause of concern and said that the government has already taken measures for a tighter supervision of the domestic energy market.

The Greek government is in the process of a market research aiming for the full privatisation of Skaramanga Shipyards, the only way to halt the loss-making course of the shipyard and to save jobs.

Christodoulakis said that Skaramanga Shipyards were expected to report a loss of 12 billion drachmas this year, the same as in 1999, with the company unable to increase its turnover. The government predicts that this year's turnover could be 40 percent lower from a 13 billion drachmas figure in 1998.

[08] Patriarchate - Scientific conference - Istanbul

ISTANBUL (ANA) Ecumenical Patriarch Vartholomeos is scheduled to inaugurate an international scientific conference here on Monday.

The conference is being held under the Patriarchates auspices, within the framework of events marking the 2000-year anniversary of the birth of Christ.

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