A&P declares dividend on better results

A&P (Andreou & Paraskevaides) Enterprises Pcl (APE) The Company’s BoD proposed a final dividend to its shareholders for 2006 of 0.90 cent or EUR 1.55 per share.

Net profit jumped 35% YoY to CYP 1.68 mln or EUR 2.9 mln in 2006 from CYP 1.25 mln or EUR 2.15 mln in 2005, eventhough turnover remained at around 2005 levels. The ability to contain cost increases was instrumental in the profit increase as total costs amounted to CYP 7.4 mln or EUR 12.8 mln compared to CYP 6.8 mln or EUR 11.74 mln in 2005.

Managing Director, Kyriakos Andreou, decided not to receive his annual salary of CYP 200.000 for the seventh consecutive year.