CTC profits surge higher

Cyprus Trading Corporation Pcl (CTC) issued its first quarter 2006 results, posting a net profit of CYP 637.000 compared to CYP 110.000 a year ago in the same period with EPS climbing to 0.69 cent from 0.12 cent a year earlier.

Revenue increased to CYP 31.75 mln, posting an increase of 11% year-on-year. Gross Profit, in absolute terms, was recorded marginally higher by 2.3% to CYP 5.7 mln, while the gross margin fell by 150bps to 17.9%.

EBIT marked a significant decrease of 20.4% to CYP 785.000, primarily due to higher operating expenses, which climbed 6%. The improvement in the results is attributed to higher profitability from associated companies (a Profit of CYP 617.000 vs. a Loss of CYP 30.000 in 1Q05) and lower finance expenses (884.000 vs. 991.000 in 1Q05).