Cyprus SFS results hit by exit from shipping

SFS Group Public Company Ltd (SFS) issued its H1 09 results with profitability declining by 94% to EUR871.000 compared to EUR 14.6mln in H1 08. Group revenue decreased by 28.2% to EUR 39.9mln compared to EUR 55.7 mln in the corresponding period of 2008 mainly driven by the significant drop in net income from financial activities and the decrease in revenue from the Company’s shipping activities due to the disposal of the Company’s shipping subsidiaries a year earlier. Selling and distribution expenses were down by 25,4%, while there is an increase in administrative expenses due to the Group’s financial and shipping activities. Depreciation expense was also reduced as a result of the sale of its shipping subsidiaries in 2008. Operating income stood at EUR 1.5mln compared to EUR 2.2mln in the corresponding period of 2008. Group’s operating expenses to total income stood at 25.2% compared to 18.1%.