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Hellenic Duty-Free sees drop in sales

Hellenic Duty-Free<.> experienced a 15 percent drop in sales turnover and a decrease of 28.7 percent in pre-tax profits last year…

Hellenic Duty-Free<.> experienced a 15 percent drop in sales turnover and a decrease of 28.7 percent in pre-tax profits last year, but is pushing ahead with expansion plans in Greece and other Balkan countries.

Specifially, sales turnover fell to 45.8 million drachmas from 54.2 million drachmas in 1998, while profits slid to 13.2 million drachmas from 18.5 million drachmas in 1998.

The firm`s new managerial structure is headed by Christos Kazantzis as president with Frank O`Donovan as managing director. O`Donovan recently spoke of plans for expansion abroad, starting in the Balkans and the southeastern Mediterranean, in addition to the setup of branches on the Greek islands, customs points and ports.

Its business plan should be finalised by the end of March and the firm hopes that the benefits will be passed on to investors, employees and shareholders.

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