OPT profits surge 66% in Q1

Options Cassoulides (OPT), the printing and conference organising group reported a 66% increase in first quarter profits on the back a lower minority interest charge in the P&L.

OPT reported that total turnover increased 16% year-on-year to CYP 5.13 mln in the first quarter (Q1) from CYP 4.42 mln but the gross profit margin declined sharply from 32% to 27% or from CYP 1.42 mln a year ago to CYP 1.38 mln.

Total expenses climbed to CYP 1.06 mln in Q1’05 from CYP 1.04 mln in Q1’04, but finance costs were lower while income from other sources was marginally higher at CYP 134.400 from CYP 98.926 previously.

Pretax profits fell to CYP 429k from CYP 467k previously, while a lower minority interest charge of CYP 144.083 compared to CYP 270.882 was instrumental in boosting net profits by 66% to CYP 222.030 in the first quarter of 2005 compared to CYP 133.764 a year ago.

Earnings per share improved to 0.5 cent from 0.3 cent previously.

The lower minority interest charge refers to the Greek operations of the Group.