Demetra profits jump to CYP 7.8 mln

Demetra Investments (DEM), the island’s largest investment company reported a spectacular improvement in first half profits on the back of a sharp jump in dividend income and bumper profits from unrealised revaluation of investments gains.

Total revenue in the first half jumped to CYP 8.1 mln from a loss of CYP 5.6 mln a year ago, as dividend income jumped to CYP 1.02 mln from CYP 425.000 a year ago as the likes of BOC and CPB started paying dividends.

The more than 20% increase in banking title values and a healthy near 18% gain of the CSE GENX index in the first half was instrumental to boost revaluation on investments available for sale gains to CYP 5.34 mln compared to a loss of CYP 7.6 mln booked a year ago.

Net profits attributable to shareholders surged to a record CYP 7.806.017 for the first half of 2005 compared to a loss of CYP 5.955.050 a year ago in the same period.

Earnings per share jumped to 3.9 cent from a loss of 2.98 cent before. The net asset value of Demetra improved to 45.4 cent and based on its CSE price of 20 cent, the share price is trading at a 57% discount.

In the balance sheet, Demetra revealed that bond holdings fell to CYP 9.6 mln from CYP 11.5 mln, deposits increased to CYP 36.1 mln from CYP 33.15 mln while investments increased to CYP 41.8 mln compared to CYP 36.17 as at end of last year.