Babis Vovos International Construction with respect to the 9 month of 2004 company results, announces the following:On the company level, turnover decreased by 6.6% at euros 52.61 mil. and both the earnings before tax, depreciation and amortization (EBITDA) and the earnings before tax decreased by 24.5% at euros 19 mil. and by 35.7% at euros 12.21 mil. respectively. The decrease is mainly due to the lower income received from real estate development due to the halt in construction works that was imposed by the Government during the period prior and until the conclusion of the Athens 2004 Olympic Games, as well as the increased financial expenses that arise from the Company's current investment plan.

Consolidated income decreased by 9.2% at euros 76.42 mil., EBITDA decreased by 20.5% at euros 23.98 mil. and earnings before tax decreased by 27.1% at euros 16.43 mil. For the remaining three months of the current financial year, the company has initiated substantial real estate projects which are expected to increase both income as well as the group's land bank. Briefly we refer to the recent agreement signed to buy a plot of land of 11,000sqm on Kifissias Avenue, Maroussi, in which the Group plans to construct a commercial building complex of approximately 9,000sqm of lettable area as well as 1,000 parking spaces.

The estimated total cost, i.e. plot acquisition plus total development cost, of the project is estimated at approximately 35million Euros. In addition intensive construction works continue in the Delta Falirou area for the construction of a Shopping Mall with a total surface area of 24,000 sq. m., and the Maroussi area for the construction of a residential building complex.