Christis profits improve sharply

Christis Dairies Pcl (CDL) announced a highly satisfactory improvement in its preliminary 2006 results on the back of increased revenue and better margins. Total sales jumped 5% YoY from CYP 25.1 mln in 2005 to CYP 26.4 mln associated with higher market share captured by most of CDL’s products in Cyprus, especially pasteurised milk and yoghurt. The gross margin improved from 21.4% in 2005 to 22.5% in 2006, and results were further helped by the discontinuance of the loss-making activities relating to ice-cream production. Profit from operating activities increased to CYP 773k in 2006 from CYP 439k (+76.4%), while the gain on disposal of the investment in Christis Farms Ltd amounted to CYP 122k. Net Profit amounted at CYP 321.000 or EUR 551.000 as opposed to CYP 108.343 in 2005 for a 196.9% YoY increase, yielding an EPS of CYP 0.0059 (EUR 0.01).