Orphanides profits rise

Orphanides Pcl (ORF) released its first quarter results posting a moderate increase in net profit to EUR 749.000 or CYP 435k up by 3.3% YoY. Despite the acquisitions made within 2006, turnover remained almost flat, rising only 0.3% YoY to 30.71 mln or CYP 17.84 mln.

Gross profit came in lower by 0.4% YoY to CYP 3.17m, with gross profit margin remaining almost unchanged at 17.8% (-10bps). At the operating level, EBITDA improved significantly, as the Company’s efforts to contain costs was successful.

EBITDA was up by a satisfactory 9.1% YoY and reached CYP 1.44 mln. Margins also improved by 70bps to 8.1%.