CTC turnover up 22% to CYP 121 mln, profits surge

Cyprus Trading Corporation Pcl (CTC) reported a 22.4% increase in turnover to CYP 121.88 mln or EUR 212 mln in the first nine months of 2006, coming very close to the total turnover of 2005 at CYP 133 mln.

Included in total sales is the contribution of CRC-ARI Airports Ltd, which commenced operations on July 1, 2006 and contributed CYP 14.3 mln to total sales.

CTC announced that it is on track to lift total sales for 2006 to CYP 200 mln and issued a forecast that its full year profits will increase at a satisfactory rate.

Gross profit was up at CYP 27 mln or EUR 47 mln from CYP 19.7 mln a year ago in the same period, while net profit attributable to shareholders jumped 76.2% to CYP 3.315.613 or EUR 5.76 mln in the 9M06 period from CYP 1.88 mln or EUR 3.27 mln a year ago in the same period. CTC had reported total profit for 2005 amounting to CYP 4.5 mln or EUR 7.8 mln.

EPS jumped to 3.58c or 6.22 euro cent from 2.05c or 3.56 euro cent. The Company said that book value was 1.10 euro (CYP 0.63).

The results include the share of associate companies Christis Dairies, the largest dairy company in Cyprus, HOB House of Beauty the largest cosmetics distribution company, Infotel Ltd. (Germanos), managing the Germanos retail outlets and CTC-ARI Airports, the company with the management rights of the retail outlets at the airports of Larnaca and Paphos for the next 25 years.

Also included are the share of results from Woolworth (Cyprus) Properties, Ermes Department Stores, managing the Debenhams hypermarkets, Next, ZAKO, Peacocks as well as Super Home Centre DIY, Olympos Investments involved in the actvities of FashionLink SA.

CTC also announced that the sale and offering of Ermes Department Store shares was concluded successfully, with CTC maintaining 66.9% of Ermes after the offering. Other principle shareholders are Woolworth (Cyprus) Properties and Debenhams Retail plc each with 10% stakes and another 13.1% spread among institutional and private investors. The Ermes shares were offered at 24 cent and all those who participated received free warrants in the ratio of 1:5 with an exercise price of 40 cent by November 2011, plus a dividend of 1.6 cent by early December 2006.