CTC 2007 profit forecast at EUR 17 mln

The Executive Chairman of Cyprus Trading Corp (CTC) Nicos Shacolas stated that CTC’s turnover for the first five months of 2007 (excluding Ermes) increased by 14.9% YoY to CYP 53.6 mln (EUR 92.8 mln) whilst including revenues arising from Ermes, Group turnover stood at CYP 89.8 mln (EUR 155.7 mln).

Finally, the Chairman stated that given current circumstances, they anticipate the Group’s net profitability to reach CYP 10 mln or EUR 17 mln, as per their target set in their 2007 budget. In 2006, CTC reported net profit of EUR 9.67 mln. Based on current levels of EUR 1.50 per share, the profit forecast means that CTC is trading on a 2007 p/e of 8.15 times, about half of the market average.

The Annual General Meeting of Cyprus Trading Corp., approved a dividend payment of CYP 0.035 per share (EUR 0.06). The ex-dividend day is set on 2 July 2007.