Mytilineos profits rise in January-September
Athens-listed group Mytilineos continued along the same course in the third quarter as it did in the first half of the year: Yesterday it reported net profits of 117.7 million euros in the year to end-September, against 95.2 million euros a year earlier, up 23.6 percent. Operating profits (EBITDA) came to 218.2 million euros, up 6.4 percent from last year’s 205.1 million euros. However, group turnover declined 3.2 percent to 1.084 billion euros. into the company’s finances. Hedge fund Quintessential Capital Management said in a report last May that the company had overstated the number of its outlets. It also questioned its accounting practices in Asia where the company had expanded rapidly. The report sent Folli Follie shares down sharply, led to a fine from the Greek securities commission and an investigation and the resignation of its founders, Dimitris Koutsolioutsos and Ekaterini Koutsolioutsou, last month after a preliminary audit revealed wide discrepancies in 2017 financial statements. Kanellopoulos, who has served as a non-executive board member, will replace Koutsolioutsos, Folli Follie said in a bourse filing. Koutsolioutsos, the biggest shareholder with a 35 percent stake in Folli Follie, resigned as chairman last month. His son George Koutsolioutsos, who has distanced himself from his father and vowed to steer talks on a restructuring plan, retains his