FWW lifts Q1 profit

Woolworth (Cyprus) Properties Pcl (FWW) issued its first quarter results posting a 46% increase in net profit to CYP 839.000, for an EPS of 0.9 cent vs. 0.6 cent in the same quarter a year ago.

The increase is primarily attributed to improved profitability from investments in associated companies and lower financing expenses. For the whole of 2005, FWW recorded a net profit of CYP 2.2 mln.

Furthermore, FWW’s associated company CTC-ARI Airports Ltd will commence its operations on 1 July 2006. FWW’s participation in CTC-ARI Airports Ltd stands at 20%.

In another development, FWW announced that its subsidiary company

Woolworth Commercial Centre Ltd, will proceed with the construction of a shopping center in the Engomi area, in Nicosia, hosting a hypermarket store, the Super Home Centre (DIY), a Debenhams store and other fashion, electrical appliances and services stores. The total CAPEX requirement of the project stands at CYP 4.93 mln and is

expected to commence operations in late 2007.