CJ & ELF post 2004 results

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Chris Joannou profits decline

Chris Joannou (CJ) saw its net profits decline by 31% year-on-year to CYP 70.431 in 2004 from CYP 101.654 in 2003, despite an increase in total sales to CYP 4.86 mln from CYP 4.65 mln a year ago.

Earnings per share, based on the preliminary 2004 results amounted to 0.69 cent from 1.01 cent in 2003. Chris Joannou announced that it will not propose the payment of a dividend.

Ellinas Finance losses surge

Ellinas Finance (ELF) reported a massive increase in its net losses in 2004 to CYP 1.385.647 from CYP 310.026 in losses reported for 2003 on the back of reduced income and a sharp increase in provisions for bad debts, which climbed to CYP 1.88 mln from CYP 840.000 a year earlier.