Hellenic to post 22.5% profit growth

Print Article E-Mail Article

Analysts attribute the strong 2003 performance to cost reductions and a better sales mix, offsetting reduced passenger numbers

Hellenic Duty Free Shops is expected to post a 22.5% growth in pre-tax profits in 2003 according to analysts polled by Reuters news agency. The Greek operator has offset lower international arrivals with an improved offer and cost reductions to reach profits of Eu50.7m ($65m), due to be announced next week.

The report mentioned fragrances and cosmetics as two high-margin categories to grow their share of sales. Total annual sales rose 16% to Eu229m ($294m), and analysts predicted 2004 sales would grow significantly ? to around Eu356m ($456m) - as a result of an influx of visitors to the Athens Olympic Games this summer.