Greek Mytilineos 2007 Net Up 83% To 193.6m Euros

ATHENS, March 26 - Greek metals and engineering group Mytilineos said on Wednesday that 2007 profit surged 83 percent, boosted by capital gains from energy assets contributed by a joint venture. The group, which includes subsidiaries Metka and Aluminium of Greece ALGr.AT, posted net profit of 193.6 million euros ($304.6 million). "Group profit and growth continued despite adverse international conditions," the company said in a statement. "Prospects for the next three years are positive." The group had been expected to report average profit of 164 million euros, according to data compiled by Reuters. It will propose a dividend of 0.51 euros per share on 2007 earnings, more than double the 0.22 euro dividend paid in 2006. Group sales advanced 8.2 percent to 912.6 million euros in 2007, although weighed by a drop in aluminium prices which had reached record highs in 2006, the rising cost of oil and the continued strengthening of the euro versus the dollar. "The euro-dollar exchange rate rose from 1.3 at the start of the year to 1.46 by the end of the period, resulting in a loss of revenues of 55 million euros," the company said. Earnings before interest, tax, depreciation and amortisaton (EBITDA) fell 18 percent to 153.7 million euros.