Cyprus’ Muskita Aluminium profits and sales decline in 1Q09

Muskita Aluminium Industries Public Company Ltd (MAI) reported its first quarter 2009 results with profit after tax declining 67% Year-on-Year to EUR1.01mln compared to EUR3.03mln in the corresponding period of 2008. Revenue was down 35% to EUR10.98mln, mainly driven by the decrease in revenue from the Company’s exports in Europe.
According to Management, profitability for the FY09 is expected to be materially lower given the current unfavourable conditions in the demand for real estate; both in the domestic market as well as in the European market in which the Company currently operates through exports and through its subsidiary Universal Components in the UK.