Bloomberg News

Greece’s Ferronickel Producer Larco Posts 3% Rise in 2011 Profit

June 06, 2012

Larco General Mining and Metalurgical SA, Europe’s largest ferronickel producer, said profit rose 3 percent last year as nickel prices increased.

Net income for the 12 months ended Dec. 31 increased to 6.6 million euros ($8.2 million) from 6.4 million euros in 2010, said the Athens-based company according to a table published in the Imerisia.

Revenue increased 30 percent to 311 million euros while the cost of selling its products rose about 31 percent to 282.6 million euros, according to the results.

Greece transferred its 55 percent stake in the company to the Hellenic Republic Asset Development Fund that has begun the process of selling the shares with HSBC Holdings Plc and PricewaterhouseCoopers LLP as advisers.

National Bank of Greece SA (ETE) has a 33 percent stake in Larco while Public Power Corp. SA owns remaining shares.

To contact the reporter on this story: Paul Tugwell at ptugwell1@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net


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