Laser profits surge to EUR 3mln, dividend declared

The Board of Directors of Laser Investments (LAS) decided to declare an interim dividend of 2 euro cents, which is payable either in cash or shares, after reporting a massive increase in 2007 profits to EUR 3 mln.

Investors who purchase Laser shares until February 8 will be entitled to participate in the dividend, which according to Financial Mirror calculations means a dividend yield of 7% based on current prices of EUR 0.28 trading on the CSE. The ex-dividend date has been set for February 11, 2008.

Laser reported total income of EUR 4.7 mln for 2007 compared to only EUR 269.412 for 2006. Like for like comparison is not possible since the results for 2007 include for the first time the activities of Coffee Beanery Europe Ltd , King Franchises Ltd and Flamini Trading Ltd.

Included in the revenue amount is EUR 783.954 from the sale of Coffee Beanery for a period of 6 months and King Franchises for 2 months and Flamini Trading for 5 months. The results also include other income from the sale of franchise rights abroad amounting to EUR 3.5 mln as well as income from revaluation of assets and sale of titles.

Net after tax profit jumped to EUR 3.023.924 (CYP 1.7 mln) for 2007 compared to EUR 248.019 (CYP145k) in 2006.