GREECE. Hellenic Duty Free Shops has been upgraded to Athens Stock Exchange’s blue chip FTSE/ASE 20 index.
The move is effective 1 December. Hellenic posted a +30% year-on-year rise in pre-tax profits to €16 million (US$18.3 million) for the first half of 2003 on a turnover increase of +0.1% to €73.8 million (US$84.7 million).
Hellenic is Greece’s dominant duty free operator and has the rights to manage and operate duty free stores at all the country’s airports for a 50-year term from 1998. The company was listed in February of that year.
In May, Greek jeweller Folli Follie and IT and electronics retail group Germanos bought a 40% stake in Hellenic
