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Greek builder Ellaktor sees sales down 20 percent
ATHENS | Wed Jun 22, 2011 10:38am EDT
ATHENS (Reuters) - Ellaktor (HELr.AT), Greece's largest construction group, expects 2011 revenues to drop by up to 20 percent due to the country's recession and a lack of infrastructure investment in the austerity-hit nation.
"This year, we expect a revenue drop of the order of 15 to 20 percent," Dimitris Koutras, Ellaktor's general director for construction and concessions, told the Reuters Global Real Estate and Infrastructure Summit on Wednesday.
Ellaktor has a diversified portfolio ranging from construction and concessions to wind energy and waste management in Greece, Russia, the Balkans and Middle East.
"The drop will come mainly from our home market," he said. "There have not been any new projects in Greece in the last two years".
Greek construction firms have been hit hard by the recession in austerity-hit Greece and by windfall taxes imposed as part of a 110 billion euros EU/IMF bailout signed last year.
The government's decision to slash its investment in new infrastructure to plug its fiscal shortfall and reluctance from banks to carry on funding a 8.7 billion euros toll road scheme have added to their woes.
ATHENS | Wed Jun 22, 2011 10:38am EDT
ATHENS (Reuters) - Ellaktor (HELr.AT), Greece's largest construction group, expects 2011 revenues to drop by up to 20 percent due to the country's recession and a lack of infrastructure investment in the austerity-hit nation.
"This year, we expect a revenue drop of the order of 15 to 20 percent," Dimitris Koutras, Ellaktor's general director for construction and concessions, told the Reuters Global Real Estate and Infrastructure Summit on Wednesday.
Ellaktor has a diversified portfolio ranging from construction and concessions to wind energy and waste management in Greece, Russia, the Balkans and Middle East.
"The drop will come mainly from our home market," he said. "There have not been any new projects in Greece in the last two years".
Greek construction firms have been hit hard by the recession in austerity-hit Greece and by windfall taxes imposed as part of a 110 billion euros EU/IMF bailout signed last year.
The government's decision to slash its investment in new infrastructure to plug its fiscal shortfall and reluctance from banks to carry on funding a 8.7 billion euros toll road scheme have added to their woes.