Options signs deal with Kathimerini, profits dive

Options Cassoulides Plc (OPT.CY) announced that its subsidiary NDD Publications has entered into an agreement with Kathimerini SA for the issue of newspaper “Kathimerini” in Cyprus. The Company is expected to commence operations in 2008.
Meanwhile, OPT reported sharply lower profits in the first half of 2008, with net profit attributable to shareholders diving to EUR36.200 compared to EUR1.0 mln a year ago in the same period. Management blamed the poor performance due to the writeoff of EUR 641.000 differed taxation paid for the period 1997 to 2002, which is considered as one-off. Increased administrative expenses for the establishment of the Company’s subsidiary in Singapore under the name “Choice Pharma Asia Pacificic
Ltd”, in June 2008. The Company is responsible for undertaking medical research for institutional clients such as Glaxosmithkline etc.
Gross and EBIT margins being down to 25% and 6% compared to 29% and 8% respectively in 1H 2007, mainly due to rising cost of press and printing material as well as to the increased administrative, energy and distribution costs, respectively.
On the other hand, the company showed a significant growth in revenue of 23% to EUR 24.6mln as a result of the EUR 1.0mln contribution in the conference
division of the “World Anesthesiologists Congress”, which was realized during this period and the improved revenue from the publishing division.