Athens News Agency: News in English, 00-11-23

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

CONTENTS

[01] ASE-ND opposition party

[02] IOC - Athens Olympics - Rogge

[03] Notos Com Holdings-results

[04] Endysi SA-results

[05] Sportsman SA-results

[06] Sarandis Group-results

[07] Lambropoulos Bros-results

[08] ASE-close

[09] Greece-economy-measures

[10] Greece-foreign exchange

[01] ASE-ND opposition party

"The collapse of the Athens bourse is a major political and social issue," George Alogoskoufis, main opposition ND party's top economic cadre, said on Thursday after a meeting between party leader Costas Karamanlis and representatives of Listed Companies' Federation.

Alogoskoufis blamed the government for its pre-election policy that trapped investors into the market's current downward spiral.

He urged the government to take initiatives to change the climate in the market. "The government must bring to justice all those responsible for making the market unreliable, to bring forward tighter regulation and to enhance the operation of the Capital Markets' Committee," he said.

Alogoskoufis urged investors to stay calm. "There is no need for panic. Investors could find out in the short-term that the current fall in share prices was exaggerated," he said.

[02] IOC - Athens Olympics - Rogge

International Olympic Committee (IOC) vice-president Jacques Rogge expressed satisfaction here on Thursday with stepped up completion dates for several Olympics-related projects and preparations, nearly seven months after the IOC issued a ?yellow card? to the 2004 organisers (ATHOC).

Greeces public works minister on Wednesday had stated that five venues for the 2004 Athens Olympics, the so-called ?orphaned projects?, have been given a completion date four months earlier than originally scheduled -- moved up to January 2004 from May that same year.

Rogge, one of the high-ranking IOC executives expected to vie for outgoing president Juan Antonio Samaranchs chair, made the statements after his meeting on Thursday with Public Works Minister Costas Laliotis. Rogge heads a high-ranking delegation that arrived in Athens for a wide-ranging review of preparations and talks with ATHOCs leadership as well as the Greek government.

?At eight in the evening on Aug. 13 (2004) the Games will begin, and I have the conviction, that with the pace now followed by Greece, everything will be ready,? Rogge told reporters.

[03] Notos Com Holdings-results

Notos Com Holdings on Thursday reported a 128 percent jump its in nine-month consolidated sales to 49 billion drachmas, from 21.5 billion the same period last year.

Notos Com Holdings is a retail group, covering healthcare and hygiene products, office and computer products, clothing and footwear.

Operating profits rose 90 percent to 5.6 billion drachmas in the January-September period.

Net pre-tax profits, however, fell 21 percent to 4.7 billion drachmas. A company statement said nine-month results did not include portfolio profits.

The parent company's turnover totalled 1.4 billion drachmas, up 103 percent from last year, while net pre-tax profits rose 22 percent to 1.2 billion drachmas.

Notos Com Holdings expects consolidated sales to total 73.4 billion drachmas, pre-tax, interest and amortisation operating profits at 10.9 billion and net pre-tax profits at 6.7 billion drachmas this year.

[04] Endysi SA-results

Endysi SA, a member of Notos Com Holdings, on Thursday reported slightly improved results for the first nine months of 2000.

Sales increased 7.8 percent to 2.5 billion drachmas while pre-tax profits rose 3.6 percent to 248 million drachmas.

Consolidated sales, however, jumped 92.2 percent to 4.5 billion drachmas, and consolidated pre-tax profits fell 3.6 percent.

[05] Sportsman SA-results

Sportsman SA, a listed member of Notos Com Holdings SA, on Thursday announced a spectacular 81.2 percent jump in consolidated sales in the first six months of the year to 13.9 billion drachmas, up from 7.7 billion the same period in 1999.

Consolidated operating profits totalled 2.7 billion drachmas, up 32.6 percent from last year, while net profits rose to 3.6 billion drachmas.

The company expects this year's consolidated sales to total 19.9 billion drachmas, up from 10.1 billion in 1999, and net profits at 4.4 billion drachmas.

Sportsman is currently at the final stage of a deal which will pave the way for its entry into the Romanian market, with the first "Lacoste" boutique expected to be launched in the first half of 2001.

Sportsman opened its second Lacoste store in Poland in September through its subsidiary Sportsman International.

[06] Sarandis Group-results

Sarandis Group on Thursday announced a 21 percent increase in sales and a 22 percent drop in pre-tax profits for the first nine months of 2000.

Net sales totalled 34.8 billion drachmas, up from 28.8 billion in the January-September period last year, while pre-tax profits fell to 3.0 billion from 3.8 billion in 1999.

A company statement said these figures did not include results from EKAS, ZETA and K.P.Marinopoulos, three companies under acquisition from Sarandis.

Operating profits totalled 4.5 billion drachmas, up from 2.4 billion drachmas. Sarandis expects its operating profits to exceed 7.0 billion drachmas this year.

[07] Lambropoulos Bros-results

Lambropoulos Brothers SA, on Thursday reported a 19 percent increase in its nine-month sales to 17.9 billion drachmas, and pre-tax profits of 1.352 billion drachmas from 1.13 billion last year, up 18.7 percent.

The company also reported a 12.3 percent rise in its operating profits from the January-September period last year. Lambropoulos expects this year's sales and pre-tax profits to total 26 billion and 1.7 billion drachmas, respectively.

[08] ASE-close

Equity prices continued moving lower on the Athens Stock Exchange on Thursday, this time hit by talk of a money laundering scandal involving a large Greek securities firm.

The general index ended 1.42 percent lower at 3,260.61 points, off the day's lows of 3,207 points, its lowest close since April 26, 1999.

Turnover was a low 50.261 billion drachmas. The FTSE/ASE 20 index for blue chip and heavy traded stocks ended at 1,863.72 points, off 1.24 percent, and the FTSE/ASE 40 index fell 2.10 percent to 393.21 points.

The parallel market index for smaller capitalisation stocks ended 2.89 percent lower at 343.36 points.

[09] Greece-economy-measures

Greece's National Economy and Finance Minister Yiannos Papantoniou on Thursday pledged more tax cuts and said that the country was living an "economic miracle".

Speaking in parliament, during a debate on a new tax legislation tabled by the government, Papantoniou noted that during the last couple of years the government has decided to lower the tax burden on small and medium incomes, a policy that led to revenue losses totalling 500 billion drachmas.

This loss, however, was counterbalanced by increased revenues from an effective combat against tax evasion and created a fiscal surplus, he said.

Papantoniou announced a new round of tax cuts from 2002, relative to higher spending in social policy issues (education, health), infrastructure projects, armaments programme and the Athens 2004 Olympic Games.

Opposition political parties reacted strongly to Papantoniou comments, rejecting the term of "economic miracle" regarding the country's economic performance.

[10] Greece-foreign exchange

The drachma was stable against the US dollar and the euro currency in the domestic foreign exchange market, despite a weaker euro/dollar rate in international markets on Thursday.

The Greek drachma eases slightly to 403.400 against the US dollar at the day's fixing, from 403.300 on Wednesday. It was stable at 340.230 drachmas per euro.

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