Options reports lower profit

Options Cassoulides Pcl (OPT) released its first half 2007 results, reporting a 33% year-on-year decline in net profit to EUR 1.04 mln or CYP 608.630 compared to EUR 1.5 mln or CYP 8906.756 a year ago in the same period.EPS was recorded at CYP 0.013 (EUR 0.022), compared to CYP 0.020 in 1H06.

Group revenue in 1H07 remained almost unchanged at EUR 20.02 mln or CYP 11.7 mln, or up +0.2% YoY. The Company’s publications’ operations were up by 45% YoY to CYP 2.72 mln, whilst revenue from OPT’s Congress activities fell by 6.3% YoY to CYP 6.75 mln and the print division reported a moderate 3% YoY increase to CYP 2.7 mln.

Gross profit fell to CYP 3.44 mln, dyielding a margin of 29.22% vs. 30.72% in 1H06. Operating expenses increased by 5.2% YoY to EUR 4.2 mln or CYP 2.5 mln.

Operating profit fell 34.3% to EUR 1.68 mln from EUR 2.16 mln with the company blaming the decline on a one-off CYP 100.000 cost of transferring of the printing department to new premises and higher depreciation expenses amounting to CYP 155.000. Bottom line profitability was also burdened by a higher net finance charge amounting to CYP 222.625.

Investments in subsidiaries fell to CYP 1.5 mln end of June 2007 from CYP 1.9 mln end of 2006, the goodwill in the books is CYP 3.5 mln, while cash balances end of June amounted to CYP 1.9 mln. Shareholders funds’ improved marginally to CYP 12.5 mln.