Laiki Investments returns to profit

Laiki Investments (LI) recorded a spectacular turnaround in first half results on the back of higher dividend income, increased profits from investment activities as well as its ability to contain overheads.

LI reported that dividend income doubled to CYP 332k, while interest income was up sharply at CYP 585k, helping lift total income to CYP 955.348 in the first half of 2005 compared to CYP 491.518 a year ago in the same period.

As revenue surged, LI continued to cut costs, squeezing staff costs to CYP 303k from CYP 327k, while total costs fell to CYP 430.000 from CYP 505.300 a year ago in the same period.

A 17.6% increase in the CSE GENX index was instrumental in boosting profit from investments to CYP 363.152 compared to losses of CYP 827.288 a year ago.

Net profit from operations in the first half of 2005 surged to CYP 832.911 compared to CYP 840.862 losses a year ago in the same period. Earnings per share jumped to 0.42 cent compared to loss per share of -0.42 in the first half of 2004.

The company had CYP 6.9 mln in business loans and CYP 2 mln investments available for sale, while its trade investments amounted to CYP 6.8 mln. Cash and cash equivalents amounted to CYP 6.9 mln end of 2005 compared to CYP 6.1 mln end of 2004.

Shareholders equity improved to CYP 22.64 mln from CYP 21.5 mln end of 2004 with book value per share climbing to 11.32 cent per share. The last traded price of LI on the CSE was 6.7 cent per share.