Cyprus Aspis Holdings profit in 9M08 surge 72% to EUR 29 mln

Aspis Holdings (ASP.CY) reported a spectacular increase in profitability during the first nine months of 2008 with net profit attributable to shareholders rising 72% year-on-year to EUR 28.98 mln compared to EUR 16.85 mln in 9M07. Earnings per share jumped to EUR 0.338 from EUR 0.249.
Turnover during the first nine months improved by 3.6% YoY to EUR 30.9 mln while total income was up at EUR 59.18 mln from EUR 48.38 mln a year ago. At the same time, Aspis managed to reduce its costs with operational and administration expenses declining 17.2% YoY to EUR 21.4 mln from EUR 25 mln a year ago.
Aspis reported that shareholders funds’ or own capital recorded a spectacular improvement to EUR 213.29 mln by the end of September 2008 from EUR 119.93 mln end of 2007 with the size of the consolidated balance sheet jumping to EUR 395.4 mln from EUR 242.7 mln end of 2007. Aspis had previously forecast that 2008 profit would exceed EUR 30 mln.