With many large corporates having now reported their financials for the first quarter (Q1), the results showed them continuing to feel the squeeze to both their top and bottom lines.
The first batch of Greek corporations to report earnings for the first quarter have been showing a pick up in profitability, even if revenue remains pinched.
Renewable energy company Terna Energy’s full year results for 2020 revealed that revenue rose by 10 percent year-on-year and came to 328.1 million.
Greek construction and energy group GEK Terna’s net income attributable to shareholders dropped to 12.5 million euros in 2020 from 23.5 million euros the year before.
Greece’s largest power company, the majority state-owned Public Power Corporation (PPC), posted a 2020 net profit of 35.1 million euros, following a loss of 1.69 billion euros a year earlier.
Property developer Lamda Development’s full year results for 2020 show a net loss of 51.7 million euros, from a net profit of 49.9 million in 2019.
Aegean Airlines reported a 68.3 percent plunge in revenue in 2020 compared to the year before as the Coronavirus pandemic curtailed air travel.
The Athens Water Supply and Sewage Company (EYDAP) released its full year financial results for 2020, showing that turnover rose 2 percent, coming in at 330.7 million euros versus 323.7 million euros in 2019.
The Ellaktor Group of Companies’ financial results for 2020 showed that net income for the financial year came to a loss of 186.7 million euros, compared with a loss of 131.4 million euros last year.
The full year financial results of the Greek Organisation of Football Prognostics (OPAP), the country’s leading game operator, show that gross gaming revenues fell by 30.3 percent in 2020 compared to 2019.