Kythreotis profit increase

K. Kythreotis Holdings Public Ltd. reported an increase in first half profit on the back of higher sales and no goodwill adjustment, which had cost the company some CYP 75.000 in additional charges a year ago in the same period.

Total turnover was up at CYP 4.99 mln during the first half of 2005 from CYP 4.28 mln in the same period a year ago, which included CYP 593.151 in inter-company sales.

Gross profit increased to CYP 814.424 from CYP 727.625 representing an increase of 11.93%, while the net margin fell from 16.97% to 16.3%. Total costs were up 13.71% to CYP 418.661, while operating profits increased 33.04% to CYP 423.156 from CYP 318.056.

The full adoption of the IAS 3 led to no goodwill charge, while last year in the same period, the company had booked a CYP 75.000 charge. Net after tax profit during the first half amounted to CYP 270.938 from CYP 168.828 a year ago. Earnings per share were 0.64 cent from 0.40 a year ago.

The company expects the profitability growth to continue at the same pace as that in the first half for the full year. In 2004, KYTH reported net profit of CYP 390.000, compared to CYP 304.000 in 2003.