Woolworth reports lower profits

F.W. Woolworth Cyprus Ltd. (FWW) announced its first quarter results recording a net profit of CYP 575.000, representing a decline of 33.9%

year-on-year compared to a year ago. Earnings per share fell to 0.60 cent from 0.90 cent a year ago.

Total revenues advanced by 6.0% in 1Q’05 to CYP 1.57 mln. Pretax profits increased by 11.6% to CYP 1.39 mln while after tax profits and

minority interest were recorded at CYP 575.000 compared to CYP 870.000 in 1Q’04. The net profits were burdened by higher net finance charges in 1Q’05, which surged from CYP 356.000 to CYP 784.000.