Hellenic attributes earnings rise to new security rules

Tina Milton

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Hellenic Duty Free Shops has attributed its growth momentum to the implementation of new security rules at Greek airports

Hellenic Duty Free Shops has reported a 10% rise in earnings after tax year on year to €35.9m ($46.9m) for the first nine months of 2006. EBITDA was up 12.5% to €54.2m ($70.8m).

Commenting on the results, managing director Dimitris Koutsolioutsos said: "We are very satisfied we have maintained the growth momentum of our financial performance in the third quarter. We believe that we have the potential to continue enjoying high growth rates, given that buying in the duty-free stores is not affected at all, following the successful implementation of the new security measures in Greek airports."