Hellenic Bank (HB) has decided to terminate the services of Georgos Panayiotou, its Head of Operations in Greece, following reports that the Greek operations were instrumental in forcing the bank to hike its provisions for bad debts. Reports suggest that the total of the sour loans could reach CYP 40 mln with massive debts overdue

Lanitis Development (LDL), the developers of the Aphrodite project including golf, hotel and luxurious houses reported that total revenue climbed by 38.5% year-on-year to CYP 21.13 mln in 2004 from CYP 15.26 mln in 2003, but profits were reported sharply lower. Operating profits fell by 15.9% to CYP 2.44 mln from CYP 2.9 mln a

Christis Dairies (CDL) reported a huge loss when reporting its 2004 preliminary results on the back of falling sales, and extraordinary losses sustained from the termination of unprofitable activities. Christis reported that total turnover, including exports fell 3.4% year-on-year to CYP 23.22 mln from CYP 24.04 mln in 2003, with operating profits declining sharply to