SFS Group Cyprus reports lower 9M09 profits

SFS Group Plc (SFS) issued its nine months (9M09) financial results posting a 97% decline in net profit figure to EUR 535.000 compared to a profit of EUR 18.7 mln in 9M08. EPS stood at EUR 0.008.
Group revenue fell by 33% to EUR 58.7 mln compared to EUR 88.1 mln in the corresponding period of 2008 mainly driven by the significant revenue drop from the Group’s financial services (-73.3% to EUR 9.8 mln) and the revenue decrease from the Company’s shipping activities (-26.2% to EUR 28.6 mln) due to the disposal of the Company’s shipping subsidiaries a year earlier.
Selling and distribution expenses were down by 21.1% to EUR 2.7 mln, while administrative expenses were up 5.7% mainly generated from the shipping and financial activities of the Group. Depreciation and amortization expense was also down to EUR 1 mln as a result of the disposal of the nine ships owned by the Group during 2008. Operating profit stood at EUR 1.04 mln compared to EUR 6.8 mln in the corresponding period of 2008.