Associates lift SFS profits higher

SFS Group Public Ltd. reported an improvement in first half performance during the first half of 2005, but this was mostly as a result of the share of profits from associate companies, which managed to benefit from the advance in the broader market index during the period.

SFS Group, which comprises of shipping, commercial and financial services with substantial stakes in many investment companies reported that net income during the first half was steady at CYP 7.1 mln compared to CYP 7.05 mln a year ago in the same period.

The commercial and shipping sector saw an increase in net income to CYP 5.09 mln from CYP 4.91 mln, the financial services recorded a massive decrease to CYP 779k from CYP 2.03 mln while other activities net income fell to CYP 438k from CYP 548k. Helping total net income was CYP 792k in proceeds from sale of investments, which a year ago had cost CYP 444k.

Operating profits were also steady at CYP 145.000 from CYP 147.756. However, a sharp improvement in share of profits from associate companies to CYP 674.897 in the first half compared to CYP 248.950 losses a year ago in the same period was instrumental in boosting net profits to CYP 570.768 from CYP 338.204 in net profits a year ago.

Last year, SFS’s results were helped by CYP 955.783 in reduction in provisions, something which was absent this year.

On a quarterly basis, SFS reported a decline in net profits to CYP 204.829 from CYP 247.555 a year ago.