Greek Companies Count 6.6bln Euros In Losses For 2012

Greek-listed companies recorded almost 6.6 billion Euros of losses in 2012, marking the second worst performance in history. According to a survey, conducted by Beta Securities, last year's results were not fully comparable with 2011 as Cypriot banks, Alapis and some other companies failed to report their 2012 results. The surveying company estimates that losses could even surpass 10 billion Euros, if these companies reported their financial results.

According to their findings, accumulated turnover fell by 0.3 pct to roughly 79.09 billion Euros in 2012, while operating earnings totaled 6.88 billion Euros, down 3.3 percent from 2011. The rate between profitable and loss-making companies was 3 to 7, as 72 listed companies reported profits and 161 losses. From the 72 profitable enterprises, 30 recorded an increase in earnings, another 30 lower profits and 12 managed to return to profitability. From the 161 loss-making enterprises, 77 reported higher losses, 68 limited their losses and 16 turned to loss-making.

OPAP, Thessaloniki Port, Piraeus Port, Folli Follie, Terna Energy, Motor Oil, Hellenic Petroleum, Metka, Jumbo, Hellenic Telecoms were the top performers among blue chip stocks, while Thessaloniki Water, Athens Water, Sarantis, Elval, Plaisio, Crete Plastics and Autohellas were top performers in the mid capitalization category and Kri-Kri, Iktinos, Kyriakidis Marbles, Karamolegos, Karatzis and Flexopack were top performers in the small capitalization category.