Athena locks some of Q1 gains

Athena Investments (ATH) reported a doubling of first quarter gains, on the back of a higher revaluation gains but also because the investment company locked in some of its gains.

Athena booked CYP 470.126 in realised gains from sale of investments compared to only CYP 25.000 a year ago. Results were further boosted by unrealised revaluation gains amounting to CYP 995k vs. CYP 813k a year ago, which exchange differences also helped boost results by CYP 178k vs. CYP 29k a year ago in the same period.

Operations expenses were squeezed marginally lower to CYP 132.786 from CYP 140.609, helping boost net after tax and minorities profits to CYP 1.600.166 for the first quarter compared to CYP 802.826 profits in the same quarter a year ago.

Earnings per share increased to 1.64c from 0.82c a year ago.

Cash at bank balances improved further to CYP 8.58 mln from CYP 7.67 mln at the end of last year, while the value of investments available for sale increased to CYP 5.77 mln from CYP 4.7 mln at the end of last year.

Shareholders funds (capital & reserves) improved to CYP 26 mln from CYP 23.93 mln, helping lift book value per share to 26.45 cent from 24.32 cent at the end of last year.