SFS profits surge 256% in Q1’06

SFS Group Public Co. Ltd. (SFS) reported a spectacular 256% increase in net profit for the first quarter of 2006 as total income surged 32% on the back of an improvement in all major areas of activity, while cost increases were kept to 5%.

Total income jumped 84% year-on-year to CYP 9.24 mln in the first quarter of 2006, boosted higher by the addition of the results of Lemissoler Shipping from May 2005 as well as higher sales from the Larnaka Bay Resorts.

The Shipping activities generated CYP 2.82 mln in operating profit, up 32%, the financial services were up 75% to CYP 762k while other activities were up at CYP 347k from CYP 20k previously.

Total operating income surged by 31.65% to CYP 4.03 mln in the first quarter of 2006 from CYP 3.06 mln a year ago.

Total costs were up by only 5% to CYP 3.49 mln from CYP 3.32 mln a year ago in the same period. Sales and distribution expenses amounted to CYP 533k, administration at CYP 1.3 mln, depreciation at CYP 553k and finance costs were CYP 1.1 mln.

Operating profits amounted to CYP 539.832 from CYP 263.323 losses a year ago. SFS results were further boosted by share of associate profit to the tune of CYP 1.22 mln compared to CYP 615k a year ago, helping boost pretax profit to CYP 1.76 mln from CYP 352k.

Net profit attributed to shareholders was up 256% y/y to CYP 1.302.287 from CYP 365.939 a year ago with earnings per share up at 0.49 cent from 0.14 cent previously.

Total assets increased to CYP 151.68 mln, while book value, according to Financial Mirror calculations amounted to 11.3 cent. SFS also announced that it had a positive cash flow from operations to the tune of CYP 1.95 mln gross and CYP 0.86 mln net.