CTC profit up at CYP 2.07 mln

Cyprus Trading Corp. Pcl (CTC) reported that net profit in the first half of 2006 jumped 166% to CYP 2.07 mln with EPS up at 2.05 cent from 1.02 cent before, on the back of

higher revenues from the Group’s operations and the increase in the profitability from investments in associated companies.

Revenue increased by 10% YoY to CYP 69.4 mln primarily attributed to an increase in revenues from retail sales (+CYP 5.4m, +33.6% YoY). Gross Profit increased to CYP 12.4 mln compared to CYP 11.9 mln, whilst gross profit margin decreased to 17.8% compared to 18.8% in 1H05.

The Company’s operating expenses remained unchanged on a YoY basis at CYP 10.1 mln leading to an improved operating profit of CYP 2.48 mln vs. CYP 2.07 mln in 1H05.

Share of profits from associated companies contributed CYP 1.46 mln on the bottom line figure (vs. CYP 713k in 1H05).