GREECE: Rising Cotton Costs Hit Textile Firm
Greek textile manufacturer Epilektos is the latest victim of rising international cotton prices. In spite of a 10 per cent increase in turnover, the company expects its pre-tax profit for the year to 30 June 2001 to fall by 10 per cent.
These forecasts compare to 1999/2000 figures which saw a pre-tax profit of 1.9 billion Greek drachmas (US$4.9 million) and a turnover of 17.7 billion drachmas (US$45.6 million).
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