Intracom SA, the Greek telecommunications equipment company that helped the Kremlin go digital (CI No 2,524), saw a dramatic drop in profits and sales in 1994. Chairman Socrates Kokkalis told shareholders that the Athens-based company was still among the most profitable companies in Greece despite seeing pre-tax profits the equivalent of $44.1m, down from $59.2m the previous year. Turnover fell 13.6% to $299.8m. Exports accounted for 11% of revenues, and Kokkalis predicted that this would rise this year. The company has recently signed a contract to supply telecommunications data processing equipment to China. During the year, it supplied telephone systems to Russia, Moldavia, Romania and Hungary. Along with Cegelec SA, Intracom supplied the energy control system for the state electrical utility DEH. Kokkalis described it to Reuters as still functioning, though maybe it lost something in translation. In 1994 Intracom completed work on the Attica telecommunications ring, part of state-owned OTE or Hellenic Telecommunications’ network.
