Greek Progress Fund | Eurobank
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Greek Progress Fund

The Greek Progress Fund posted profits of Grd 2,05 billion in the first nine months of 2001, compared to Grd 1,03 billion in H1 2001. The unrealised capital losses on the company’s portfolio on 30.09.2001 amounted to Grd 15,19 billion, compared to Grd 10,20 billion on 30.06.2001. The company also reported reserves of Grd. 15,59 billion.

The Greek Progress Fund posted profits of Grd 2,05 billion in the first nine months of 2001, compared to Grd 1,03 billion in H1 2001. The unrealised capital losses on the company’s portfolio on 30.09.2001 amounted to Grd 15,19 billion, compared to Grd 10,20 billion on 30.06.2001. The company also reported reserves of Grd. 15,59 billion.
The company’s NAV on 30.09.2001 valued Grd 38,7 billion, compared to Grd 42.7 billion on 30.06.2001. The company’s NAV per share amounted to Grd 1.199 (€ 3,52), while its market value was Grd. 940 (€2,76), and therefore on 30.09.2001 the stock was trading at a discount of 21,7%. Overall, NAV per share (adjusted for the dividend) so far this year was reduced by 23,9% compared to the drop of the ASE General Index of 34,3%. According to The Union of Greek Institutional Investors, on 30.09.2001 the fund ranked 1st among the seventeen closed end funds listed on ASE, regarding the performance of the NAV from the beginning of the year.
The company’s net assets on 30.09.2001 were placed by 85,1% in shares, by 1,6% in Drachma bonds, and by 13,3% in various short-term deposit instruments. The five main investments of the company, as percentage of NAV, were: Chipita 8,8%, ΟΤΕ 8,8%, Τitan (cr) 6,4%, Coca Cola – 3E 5,5% and Germanos 4,1%.