FWW profits dive 31% in first 9M

Woolworth (Cyprus) Properties Public Co. Ltd. reported a sharp decline in net profits during the first nine months of the year because of lower revaluation of land investments and higher financing costs.

Rent income from its properties was moderately higher at CYP 2.1 mln from CYP 1.9 mln a year ago, but the revaluation of land and property gains amounted to CYP 1.9 mln from CYP 2.5 mln a year ago.

While administrative costs were stable at CYP 798k, financing costs surged sharply higher to CYP 1.9 mln from CYP 1 mln a year ago, forcing net profits to decline by 31% to CYP 1.56 mln from CYP 2.77 mln a year ago. Earnings per share were 1.7 cent from 2.9 cent before.

FWW has total investments in land amounting to CYP 73.7 mln. The company said book value per share improved to 74.45 cent.