GREECE: Knit Firm Fieratex Suffers Profit Slide
Knitted fabrics producer Fieratex on Wednesday revealed a sharp fall in first half net profit to $550,000 from $987,000 in the year-ago period after being hit by the sale of a $464,000 stake in subsidiary Arax Knitwear. Fieratex said turnover in the first six months slipped to $18.4 million from $19.8m but it expects a full-year pre-tax profit of $968,000 compared to $1.4 m in 2001, with turnover seen in the region of $34m to $37m.
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