FWW profit up, prceeds with Ermes swap

Woolworth (Cyprus) Properties Pcl (FWW) announced its first half 2006 results with net profit rising by 14%YoY to CYP 1.15 mln yielding an EPS of 1.0 cent vs. 0.9 cent in the same period a year ago.

Total revenue declined by 11.6% YoY to CYP 2.9 mln, on the back of a lower surplus from the revaluation of investment properties. At the profitability level, EBIT decreased by 19% YoY to CYP 2.3 mln, whilst bottom line profitability enhancement was attributed to lower net finance charges and increased profits from associated companies.

In another development, the Securities and Exchange Commission approved the Public Offer Document made by the Cyprus Trading Corporation Pcl, offering FWW shareholders the opportunity to dispose their holdings in Ermes Department Stores Public Limited at the consideration price of 24 cent per share.

The Public Offer concerns 82.445.316 shares, which will be allocated at the ratio of 3 Ermes shares, of a nominal value 20 cents, for every 2 FWW shares held to all FWW shareholders registered as at 5 September 2006. Payment period will commence on 21 September and end 5 October 2006.