GREECE. Hellenic Duty Free (HDF) shares soared recently, after management confirmed reports of first-quarter profit growth, despite worries of falling tourist traffic.
A company official confirmed press reports that HDF will see profits rise by about a third, due to better personnel cost control, improved gross profit margins and an income boost from better marketing and promotion.
The company closed the first three months of 2003 with sales of €27.1 million (US$29.9 million), up +8% compared to €25.1 million (US$27.7 million) in 2002. Pre-tax profit stood at €5.1 million ($5.6 million) up +45.7% compared to €3.5 million (US$3.9 million) last year. No information was available on the split between airports and border business. However the results are particularly strong in a quarter which is traditionally the weak season, accounting for only 15% of company profits.
The Greek Athens Stock Exchange-listed Hellenic also reported short-term debts of €57.3 million (US$63.2 million) in late March 2003, up from €35.4 million (US$39.1 million) at end-March 2002.
