Ermes profits surge past EUR 10 mln mark

Ermes Department Stores Pcl reported that its net profits surged past EUR 10 mln level on the back of a healthy increase in sales, with the Board proposing the payment of a final dividend ahead of the listing of the shares on the Cyprus Stock Exchange.

Ermes reported that total turnover jumped 9.8% to CYP 98.5 mln or EUR 170.67 mln from CYP 89.6 mln or EUR 155 mln in 2005. Pretax profits surged to EUR 11.9 mln while net profit after minority interest jumped 90% YoY to CYP 6.14 mln or EUR 10.64 mln in 2006 from CYP 3.2 mln or EUR 5.6 mln in 2005.

Earnings per share amounted to CYP 0.03 or EUR 0.052 from CYP 0.014 or EUR 0.024.

The Board of Directors has decided to propose at the AGM to be held in June 2007 the payment of a final dividend of CYP 0.02 or EUR 0.0345 per share, which together with the EUR 0.0275 interim already paid, raises the total dividend to EUR 0.0620 per share.

Meanwhile the company announced that it expects the listing procedures to be completed soon, paving the way for the listing of the shares on the CSE by end of March.