Woolworth profits up 151%

Woolworth Cyprus Properties (FWW) released its 9M07 results posting a spectacular 151% YoY increase in net profit to EUR 11.87 mln from EUR 4.72 mln in 9M06 with results boosted by higher revaluation and profits from sale of investments. EPS jumped to 10.3 euro cents from 5 euro cents a year ago.

The improvement in FWW’s results is primarily attributed to the partial disposal of Ermes Department Stores Plc (ERME) realising a profit of EUR5.55 mln. Additionally, revaluation surplus amounting to EUR12.8 mln relating with the acquisitions of the Shacolas Tower (at

Ledra street Nicosia

) and the Super Home Centre (at the Athalassa area) also boosted the bottom line.

Total expenses increased from EUR1.65 mln to EUR 4 mln in 9M07 due to prefunctional

expenses associated with the operation of Shacolas Emporium Park and provisions for non-recuring expenses. The taxation charge increased considerably from EUR449k to EUR4.4 mln in 9M07 owing to an additional provision of EUR1.7 mln for prior year charges.