Pandora profits dive on revaluation losses

Pandora Investments (PND) the property development company reported a sharp reduction in profits during 2004 on the back of higher revaluation losses on its equity investments.

After reporting a 28% increase in turnover to CYP 33.97 mln in 2004 from CYP 26.55 mln in 2003, profits from core activities of property development surged to CYP 3.99 mln compared to CYP 2.54 mln.

The results were however negatively affected by CYP 2.5 mln in revaluation losses on its equity investments compared to losses of CYP 573.000 a year ago, which forced net profits to CYP 501.684 for 2004 compared to CYP 1.005.429 profits in 2003.

Earnings per share fell to 0.12 cent from 0.24 cent earlier.