Cyprus’ Orphanides profits surge 88% in 9M09

Orphanides Pcl (ORF) reported a 88% increase in 9M09 results posting a net profit figure of EUR 2.66 mln compared to EUR 1.42 mln in 9M08 on the back of higher sales and a successful cost containment of overheads. EPS stood at EUR 0.0329.
Sales jumped 16.8% year-on-year to EUR 146.6 mln from EUR 125.5 mln a year ago, while gross margin improved significantly to EUR 25.3mln, for an 11.9% improvement as a result of new products priced at affordable prices, which continued to attract more customers to the Orphanides stores.
Total costs were up 2.7% YoY at EUR 24.28 mln compared to EUR 23.64 mln, with most of the cost increase due to the opening of new stores. Despite this, the ratio of costs to sales fell to 13.4% in 9M09 from 15.1% in 9M08.
Operating profits thus increased by 45% to EUR 7.4 mln while net after tax profits jumped 88% to EUR 2.66 mln for 9M09 compared to EUR 1.4 mln in 9M08.