Helexpo SA suffered a 23% decline in turnover to 18 million euros and will report small operating losses for the year 2010, Paris Mavridis, chairman and chief executive of the company said on Wednesday.
Speaking to reporters during a news conference to present the Infacoma, Marmin Stone and Energy Tech trade fairs, Mavridis said:
“A 16% cut in operating expenses helped Helexpo in reducing its operating losses,” adding that a heavy burden of leasing costs paid to the affiliated company, Thessaloniki International Fair, for the use the fair’s facilities had a negative effect on the company’s results. The 2010 leasing cost totaled 5.123 million euros, he said adding that the two companies have resort to courts over a difference covering the leasing cost for the period 1999-2009.
Mavridis said the first half of 2011 will be a continuation of 2010, but stressed that a strengthening of the company’s activities in Athens in the second half would improve the picture. Helexpo organised one fair in Athens until 2010, it organised two fairs last year and plans to organize a total of five fairs this year (New Baby, Summer Holidays and Biologica).
