Muskita 1Q07 profits up 25%

Muskita Aluminium Industries (MAI) reported a 25% YoY increase in first quarter profits in 2007 to EUR 3.11 mln from EUR 2.48 mln in the same period in 2006 on the back of a healthy increase in sales coupled with costs remaining under control.

Muskita, the dominant aluminium manufacturer and distributor in Cyprus and one of Cyprus’ top exporters reported turnover rising 13.2% in 1Q07 to EUR 17.26 mln from EUR 15.24 mln in 1Q06 and compared to EUR 60 mln turnover for the whole of 2006.

The gross profit margin in the first quarter was 31.1% with gross profit at EUR 5.38 mln compared to 30.2% gross profit to sales margin and EUR 4.6 mln in gross profits booked in the first quarter last year.

With costs remaining under control, operating profits advanced 23.5% YoY to EUR 3.44 mln from EUR 2.78 mln with net profit attributable to shareholders up 25% YoY to EUR 3.110.168 in 1Q07 compared to EUR 2.487.209 in 1Q06.

EPS were 3.77 euro cents compared to 3.01 euro cents a year ago.

The Board of Muskita believes that prospects are good and the profitability growth will be maintained for the whole year. In 2006, Muskita booked a net profit of EUR 9.5 mln compared to EUR 5.5 mln in 2005.