Improvements in results expected

An increasing number of companies proceeded last week to announce positive profit warnings concerning their 2005 results, with last week’s list including the likes of Top Kinisis, Atlantic Insurance and Universal Bank.

Top Kinisis, the island?s leading travel agency group said it expects better results on the back of a significant increase in turnover.

Atlantic Insurance Company Public Ltd announced that the financial results for the year ending December 31, 2005 will show significant improvement compared to the corresponding results of 2004 due to higher turnover, improvement in claim settlements in relation to premium income and an increase in net income from investments.

Universal Bank said while its results for 2005 would still be in the red, but it will be lower than previous year losses due to the drop in the provisions for bad debts.