Elma lifts profits by 553%

Elma Holdings reported a 553% increase in FY06 profits to CYP 15.6 mln or EUR 26.8 mln from CYP 2.8 in FY05 on the back of a spectacular 121% increase in the main CSE index while the banking sector in which the Elma Group has invested heavily increased by 137%.

The sharp increase also allowed the Group to book profits and in the process reduce its obligations from CYP 30.6 mln in FY05 to CYP 18 mln or EUR 31 mln by end of FY06.

Elma issued a bullish profit forecast for 2007, expecting both the banking sector and the property sector in which it is also heavily invested to perform well.