Options Cassoulides profits up 21%

Options Cassoulides Pcl (OPT) reported a 21.4% YoY increase in net profit attributable to shareholders in the first nine months of the year, failing to justify the 143% increase in the value of the shares since the beginning of the year.

Turnover improved to CYP 15.2 mln in 9M06 from CYP 13.5 mln in 9M05, while gross profit was up at CYP 4.6 mln compared to CYP 3.6 mln a year ago in the same period.

Expenses on the other hand jumped to CYP 3.3 mln from CYP 2.6 mln, which forced operating profits to CYP 1.55 mln or EUR 2.6 mln from CYP 1.08 mln before.

Net profit attributable to shareholders was up 21.4% to CYP 1.203.145 or EUR 2.08 mln from CYP 990.899 in 9M05. EPS were up at 2.6 cent from 2.1 cent previously.

Shareholders funds amounted to CYP 11.8 mln or EUR 20.4 mln with book value per share at 0.44 euro cent for a price to book value of 1.58x.

Congresses and seminars contributed CYP 9.5 mln in sales in 9M06 (9M05: CYP 9.4 mln), printing services CYP 3.2 mln (9M05: CYP 3.2 mln) with only publications showing the biggest increase and climbing to CYP 2.4 mln from CYP 846.000 a year ago.