The CSE misery has officially ended, following the announcement of the preliminary 2004 results, showing that the combined results of the listed companies is now in profit, the first time since 2000.
According to CSE announcements compiled by the Financial Mirror, the listed companies recorded a CYP 160 mln turnaround in their combined results, reversing CYP 155 mln in losses booked for 2003 into CYP 6 mln profits for 2004.
The 2004 positive performance marks the end of the CSE misery and is the first time since 2000 that listed companies are reporting a positive performance. In 2001, the CSE companies lost a total of CYP 306.5 mln while in 2002, then lost CYP 345 mln.
Based on the Financial Mirror calculations, the gross price to earnings ratio of the profit reporting companies is 14.25 times 2004 earnings, while on weighted to capitalisation, the p/e is 20.5 times.
The book value of the market is not yet available, since the majority of the reporting companies failed to post their balance sheets when they released their preliminary results.
MAIN MARKET SHINES
The 17 titles in the Main Market scored the best turnaround for a CYP 102.5 mln improvement, reversing the CYP 15.5 mln losses of 2003 into profits of CYP 87 mln for 2004.
Bank of Cyprus was the most profitable company, reporting CYP 37.5 mln net profits. The company also managed to score the best turnaround, as it reversed CYP 28.8 mln in 2003 losses into a gain of CYP 37.5 mln for 2004.
Laiki Bank was the second most profitable company, reporting profits of CYP 21.1 mln, followed by Louis Public Co. with profits of CYP 9.3 mln, Aristo Developers profits of CYP 7 mln and Vassiliko with profits of CYP 5 mln.
HUGE LOSSES
Problems continued to exist for many companies, despite the fantastic turnaround scored by the majority. According to Financial Mirror calculations, 51 listed companies reported losses while another 24 investment companies remained in the red, bringing the total to 75.
Cyprus Airways was the worst performer, losing CYP 33.5 mln, followed by Hellenic Bank with losses of CYP 15.31 mln. Demetra Investments was the third worst performer losing CYP 10.5 mln, followed by CLL and Quantum.
IMPROVEMENTS
With the exception of the Main market stocks, all the other sub-sectors remained in the red, although they managed to record an improvement compared to 2003 results.
The Parallel Market stocks improved their earnings by CYP 3.5 mln but remained in the red to the tune of CYP 36.1 mln, including the results of CAIR.
The Alternative Market stocks improved their results by CYP 41 mln but remained in the red to the tune of CYP 22.8 mln, while the Investments Sector improved its results by CYP 13.7 mln but remained in the red to the tune of CYP 22 mln.
