Lanitis Development sales climb, but profits decline

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Lanitis Development (LDL), the developers of the Aphrodite project including golf, hotel and luxurious houses reported that total revenue climbed by 38.5% year-on-year to CYP 21.13 mln in 2004 from CYP 15.26 mln in 2003, but profits were reported sharply lower.

Operating profits fell by 15.9% to CYP 2.44 mln from CYP 2.9 mln a year earlier, with the profit margins before interest and tax declining to 11.6% from 19.1%.

Pretax profits were reported at CYP 2.5 mln from CYP 3 mln earlier, while net profits after tax fell 15.9% to CYP 2.177.443 in 2004 from CYP 2.589.059 in 2003.

Earnings per share amounted to 4 cents from 4.8 cent a year ago.