Orphanides profits soar

Orphanides Public Co. Ltd. (ORF) recorded a sharp improvement in results, boosting net profits from CYP 1.69 mln in 2003 to CYP 3 mln in 2004 with earnings per share improving from 2.09 cent to 3.71 cent per share.

Reporting its preliminary 2004 results, the retailing giant announced that turnover jumped 6% during 2004 to CYP 78.17 mln due to improved promotion and wide selection of good quality goods available at its stores scattered around the island.

Gross profit margin improved to 18% in 2004 or CYP 14.07 mln from CYP 12.05 mln or 16% in 2003. The other income of the group (advertising and rent) jumped 17% year-on-year to CYP 2.52 mln from CYP 2.15 mln in 2003 as Orphanides managed to hire all the shops in its shopping malls as well as generate higher revenue from hiring of shelf-space. Operating profits jumped to CYP 5.72 mln from CYP 4.12 mln, as Orphanides managed to keep costs in check.

Pretax profits jumped 65% to CYP 3.45 mln, while net after tax profits jumped 78% year-on-year to CYP 3.00 mln from CYP 1.69 mln in 2003. The Board of Directors is expected to consider whether or not to declare a dividend once the final audited accounts are prepared. The Board also issued a bullish forecast for 2005, expecting a satisfactory improvement in results.