18/06/2012 12:40
Hopes for a recovery in the property sector this year have vanished since it seems that crisis will last for quite a while.
In his speech during the Annual General Meeting on June 15, Chairman of A. Panayides Contracting, Stavros Theodosiou said that crisis, described by experts as the greatest in the past fifty years, will affect the development of almost all economic organizations and the economies in general for one more year.
“The difficult condition of the public finances and the decline of investments in development projects do not leave margins for any positive developments in constructions”, he said.
As for the sector of land and property development, external and domestic demand has dropped significantly, while quarries and ready-made concrete and asphalt production have recorded an increase.
According to Mr. Theodosiou, the company has managed to minimize the negative effects of the financial crisis since its long-standing planning was based on cost containment, careful selection of investments, the dispersion of the business risk and close monitoring of the company’s evolution.
“Crisis will create prospects, which hopefully we will be able to take advantage of”, he added.
Mr. Theodosiou expressed his concerns on banks’ inability to cover their capital needs, the deterioration of the island’s fiscals and the drop in new loans.
“The future is significantly affected by the economic progress of the countries that the company is active in. The economic uncertainty worldwide and especially in Greece makes any safe prediction for the company's results for 2012 unfeasible and risky”, he said.
APC’s profits for 2011 declined to €398.7 thousand from €1.7 million in 2010.
In his speech during the Annual General Meeting on June 15, Chairman of A. Panayides Contracting, Stavros Theodosiou said that crisis, described by experts as the greatest in the past fifty years, will affect the development of almost all economic organizations and the economies in general for one more year.
“The difficult condition of the public finances and the decline of investments in development projects do not leave margins for any positive developments in constructions”, he said.
As for the sector of land and property development, external and domestic demand has dropped significantly, while quarries and ready-made concrete and asphalt production have recorded an increase.
According to Mr. Theodosiou, the company has managed to minimize the negative effects of the financial crisis since its long-standing planning was based on cost containment, careful selection of investments, the dispersion of the business risk and close monitoring of the company’s evolution.
“Crisis will create prospects, which hopefully we will be able to take advantage of”, he added.
Mr. Theodosiou expressed his concerns on banks’ inability to cover their capital needs, the deterioration of the island’s fiscals and the drop in new loans.
“The future is significantly affected by the economic progress of the countries that the company is active in. The economic uncertainty worldwide and especially in Greece makes any safe prediction for the company's results for 2012 unfeasible and risky”, he said.
APC’s profits for 2011 declined to €398.7 thousand from €1.7 million in 2010.
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