Zorbas Q1 profits rise by 12.6%

A. Zorbas & Sons Public Co. (ZRP) reported a satisfactory increase in first quarter sales and profits, with results boosted by the addition of new retail outlets.

Total turnover climbed 15.8% to CYP 6.56 mln in the first quarter of 2005 compared to CYP 5.66 mln a year ago, mostly on the back of the addition of new retail units.

Gross profit margins improved to 39.7% from 38.66% as gross profits climbed to CYP 2.6 mln from CYP 2.19 mln a year ago. Overheads increased by 22% y/y to CYP 1.8 mln from CYP 1.48 mln, of which CYP 1.39 mln referred to Administration and CYP 417.000 to sales & distribution costs.

Net after tax profits including minority interest increased by 12.6% to CYP 729.000 in the first quarter of 2005 from CYP 647.000 a year ago, with earnings per share climbing to 4.76 cent from 4.23 cent previously.

Shareholders’ funds improved to CYP 10.8 mln, helping lift the book value per share to 69 cent according to Financial Mirror calculations, for a price to book of 2 times while the share price continues to hover between CYP 1.41-1.46 per share.