Renovation works hurt Orphanides

Orphanides (ORF) issued a negative profit warning for its 1H07 financial results blaming it on the decline in revenue associated with the operation of the supermarkets at Larnaca,

Zakaki and Paralimni due to reconstruction and renovation, the increase in promotion and advertising costs and higher net finance expenses.

On the other hand, despite the reduction in revenues, gross profit improved and administration expenses were also contained.

A year ago in the same period,  ORF posted a net profit of CYP 1.2 mln yielding an EPS of CYP 0.0152, while in 1Q07 ORF posted a net profit of CYP 435.000 yielding an EPS of CYP 0.0054, according to Egnatia Financial Services data.