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.