Christis Dairies books huge losses

Christis Dairies (CDL) reported a huge loss when reporting its 2004 preliminary results on the back of falling sales, and extraordinary losses sustained from the termination of unprofitable activities.

Christis reported that total turnover, including exports fell 3.4% year-on-year to CYP 23.22 mln from CYP 24.04 mln in 2003, with operating profits declining sharply to CYP 30.417 from CYP 1.07 mln a year ago.

The decline was partly blamed on the termination of the activities of Dodoni Ice creams (Cyprus), which cost the company some CYP 90.000 in extraordinary losses.

Christis also booked CYP 397.000 in losses from associated companies that refer to capital writeoffs and expenses related to the termination of the activities of the company.

Following the hit, net after tax losses surged to CYP 821.081 in 2004 from CYP 432.472 profits reported for 2003. Losses per share amounted to 1.52 cent per share compared to earnings per share of 0.80 cent a year earlier.