Astra remains in the red despite reorganisation

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Astra Self Drive Cars (ACR) reported sharply reduced turnover during 2004 as a number of activities were terminated, forcing the company to remain in the red to the tune of CYP 3.3 mln.

Turnover fell to CYP 6.25 mln from CYP 8.65 mln in 2003, of which CYP 1.46 mln was due to the termination of activities of Magnum Travel and CYP 1.68 mln refer to A.C. Kitsios Motors. The core car hire division reported a CYP 400.000 increase in sales during 2004, according to the company.

Gross profits were however higher at CYP 1.48 mln from CYP 970.000 in 2003, due to the termination of the loss making activities and better performance by the core car hire division.

The inability of the company to cut costs, with sales costs stable at CYP 2.5 mln and administration costs up 67% y/y to CYP 679.514, forced the company to report operating losses of CYP 1.58 mln compared to CYP 1.53 operating losses in 2003.

Finance costs surged to CYP 1.32 mln from CYP 756.000 in 2003, with Astra claiming that CYP 570.000 were as a result of the reorganisation of the company. Results were further burdened by the extraordinary loss of CYP 301.500 from the disposal of Magnum Travel and the goodwill write-off of CYP 324.500.

Net losses were reported at CYP 3.348.506 for 2004 from CYP 3.979.937 in 2003 with losses per share at 11.07 cent from 13.15 cent a year earlier.