Firms dread new Covid wave

Looking at{BLA_WRD_TXT} the first-half results published by listed companies last week, it is easy to understand why they are having nightmares about a second wave of the coronavirus pandemic.

The lockdown imposed on the economy from mid-March to early May left a big hole in their finances; a second wave will inevitably hurt, and especially the sectors most dependent on retail trade and tourism.

Take Motodynamics, the exclusive representative in Greece of car rental company Sixt. The great drop in tourist arrivals led to a 60% reduction in sales compared to the first half of 2019. Motodynamics' car rental business lost €1.7 million, compared to a €445,200 profit in the same period last year. This greatly contributed to the group's overall first-half losses rising from €2.1 million in 2019 to €3.5 million this year. However, earnings before interest, taxes and asset...

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