Sales up at Lanitis Dev.

Lanitis Development Pcl (LDL), the owners of the Aphrodite Hills Golf course and resort and managers of Intercontinental Hotel reported that total turnover during the first half of 2006 jumped 125% YoY to CYP 15.38 mln from CYP 6.84 mln a year ago in the same period.

Property sales contributed most of the increase jumping to CYP 12.12 mln from CYP 4.93 mln in the first half of 2005. The Intercontinental Hotel saw turnover jump to CYP 2.42 mln from CYP 1.01 mln a year ago in the first half, while the Golf facilities saw turnover decline to CYP 668k from CYP 802k a year ago. The remaining turnover of CYP 167k originated from the Academy and was up from CYP 91k made a year ago in the same period.

The increase in property sales helped the gross profit surge to CYP 7.9 mln from CYP 2.1 mln a year ago.

Costs however, increased at a much higher rate than sales growth. Total sales were up 166% YoY to CYP 5.61 mln from CYP 2.59 mln a year ago as the hotel results were added to the consolidated figures.

(for an extended report, go to Research centre, under CSE-Company Earnings or the print edition of the Financial Mirror)