Filoktimatiki cuts ‘05 dividend

Filoktimatiki decided to cut the 2005 dividend to 2.25 cent per share from 3.75 cent per share in 2004 following a decline in net profits for the year due to a drop in contracts under construction.

Despite the cut, the dividend yield remains at a highly attractive 4.5% based on the 49.0 cent per share CSE price on the day when the dividend announcement was made on January 23, 2006.

PES reported net profits of CYP 145.206 or CYP 146.959 after minority interest for 2005 compared to net profit of CYP 232.413 in 2004. Earnings per share amounted to 3.0 cent per share. Total turnover fell to CYP 1.98 mln from CYP 3.9 mln a year ago.

The company reported that book value per share was 78 cent per share. Since the start of the year and until January 24, the share price of PES is up 44%.