Options Q1 profit up 8%

Options Cassoulides Pcl (OPT) issued its first quarter 2006 results, whereby net profits increased 8% year on year to CYP 240.000 compared to CYP 222.000 a year ago in the same period in Q1’05. EPS were 0.5 cent, unchanged compared to a year ago.

Revenue declined by 5% to CYP 4.87 mln due to lower revenue from organising seminars and conferences. On the other hand, revenues from publishing activities recorded an increase. Cost of sales fell to CYP

3.2 mln from CYP 3.7 mln in Q1’05, with gross profit increasing to CYP 1.67 mln, up by 20% yielding a margin of 34.2%. On the other hand, operating expenses increased by 27% to CYP 1.35 mln.

Operating profit fell 23% y/y to CYP 379.000. At the bottom line, the positive contribution stemming from minority interest offset the annual increase in interest charges, resulting to an overall higher profit.