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Hellenic profits surge 40%Hellenic profits surge 40%
6-Nov-2002
Greek operator Hellenic Duty Free Shops (HDF) today announced a 40% rise in nine month pretax profits to ?31.2m ($30.6m)
Sales increased 13.5% to ?149.5m ($146.6m) in the period. This closely matches the 14% increase in sales for the first six months.
Meanwhile HDF's main shareholder, the Agricultural Bank of Greece, is still in talks with the joint venture consisting of retailers Folli Folie and Germanos to sell a 40% to 60% stake in HDF. Sources close to the deal said it had been hoped that negotiations could be concluded before the TFWA World Exhibition, but this was not possible.
In July, the joint venture submitted a binding bid to acquire 40% of HDF for ?6.7 per share and was named the preferred bidder.
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