Ermes and Woolworth report lower results

Woolworth (Cyprus) Properties Plc (FWW.CY) issued its 1Q08 results posting a net profit figure of EUR 1.2mln compared to a net profit figure of EUR 3.2mln in 1Q07. EPS was reported at EUR 0.011. The decline in the Company’s net profit is attributed to a non-recurring profit in 1Q07 from the sale of financial assets amounting to EUR
5.2mln.
Meanwhile Ermes Department Stores Plc (ERME.CY) reported a first quarter loss of EUR 878.000 compared to a loss of EUR 276.000 in 1Q07. Due to ERME’s nature of business, there is a high degree of seasonality involved with its revenues and profitability. Historically 1Q has the lowest contribution to revenues. Additionally, profitability is affected by the sales period which covers two out of the three months of the quarter.