Greek enterprises reported losses totaling 45.8 billion euros in the 12-month period from July 1, 2010 to June 30, 2011, a survey by Icap Group showed on Monday.

The survey, conducted on the balance sheets of 943 enterprises, confirmed that private sector enterprises suffered another year of heavy losses. Specifically, sales fell 3.5 pct, while gross earnings dropped -13 pct in the 12-month period.

These negative developments, combined with high operating expenses led to a 71.6-pct decline in operating results. Icap said net results showed losses of 45.8 billion euros in 2011 after profits of 44.2 million euros in 2010. EBITDA fell 13.2 pct over the same period.

The survey showed that 45 pct of all companies in the survey reported losses, while 62 pct of all enterprises reported a decline in profits in 2011 compared with 2010.

The manufacturing sector was the only sector to report a relative improvement in its results. Sales of the 256 manufacturing companies in the survey grew 13.1 pct, while gross earnings fell 2.8 pct and EBITDA jumped 32.4 pct.

The commerce sector suffered from a deep economic crisis, with the 266 companies in the survey reporting an 11.2 pct decline in sales and a 9.9 pct fall in gross earnings. Pre-tax profits fell 23.8 pct to 9.2 million euros, while EBITDA dropped 20.7 pct.

The services sector showed a significant worsening of its results. The 357 companies in the survey reported a 9.8 pct decline in turnover, with gross earnings falling 58.5 pct. The sector reported a net loss of 141 million euros, almost double from the previous year.