A&P lifts dividend on higher profits

A&P Andreou Paraskevaides (APE) the local bottlers of Pepsi upped the final dividend to be declared for 2004 to 0.67 cent per share from 0.55 cent in 2003 for a yield of 7.8% on the back of a satisfactory increase in profits.

Net after tax profits surged to CYP 1.309.096, or 0.72 cent per share from CYP 684.500, or 0.37 cent per share in 2003, in sharp contrast to a 60% decline in profits recorded by its arch-rival, Lanitis Bros., the local bottlers of Coke.

While turnover was flat, APE managed to lift its gross profits to CYP 9.6 mln from CYP 9.3 mln in 2003. A prudent strategy to cut costs gave results, as costs fell to CYP 8.06 mln from CYP 8.35 mln while net finance costs also fell to CYP 272.000 from CYP 320.000 a year earlier.