Firms’ prof­its fell 86 per­cent in five years

Kathimerini English - - Focus - EVGENIA TZORTZI

Greek com­pa­nies’ pre­tax prof­its have posted a dra­matic 86 per­cent de­cline over the last five years, ac­cord­ing to a sur­vey of 4,997 firms by Grant Thorn­ton.

The profit slide for those com­pa­nies added up to 5.3 bil­lion eu­ros in the pe­riod from 2009 to 2014, while their work forces shrank by 19 per­cent and their tax­pay­ing ca­pac­ity de­clined by 60 per­cent.

The re­sults of the sur­vey were pre­sented yesterday at Grant Thorn­ton’s an­nual in­ter­na­tional con­fer­ence, which was hosted in Athens for the first time, in the pres­ence of Grant Thorn­ton In­ter­na­tional head Ed­ward Nus­baum.

The anal­y­sis of the sur­vey’s find­ings showed a ma­jor drop in the op­er­at­ing prof­its of the sam­pled com­pa­nies by 32 per­cent or 4.8 bil­lion eu­ros, in their net as­sets by 2.6 bil­lion eu­ros, and in their net bor­row­ing by 7.5 bil­lion eu­ros: To­tal bor­row­ing de­clined from 44.7 bil­lion eu­ros in 2009 to 37.3 bil­lion eu­ros last year. This drop is due to pres­sure from the credit sec­tor for the re­pay­ment of loan obli­ga­tions, which has re­sulted in a fall in the re­al­iza­tion of new in­vest­ments.

The sec­tors with the high­est debt bur­den are tourism, en­ter­tain­ment and in­for­ma­tion, fish farm­ing, ve­hi­cle im­ports, food ser­vice etc.

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