Cypriot retailer Ermes, operator of the Debenhams chain of stores on the island and part of the NK Shacolas dairy-to-telecom giant, has swung to a 2.5 mln euro first-half net loss on lower sales to recession-hit consumers.
Ermes, which also runs a household items chain and is an affiliate of the operator of the island's two airports, said it expected positive results for the second half in its business, which it said was highly seasonal.
The group had posted a 107,000 euro net profit in the first six months of 2011, and a 1.42 mln profit for the full year.
The group said first-half turnover fell 6.6% in line with a 2.3% contraction of the island’s economy in the second quarter.
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