Cyprus Advantage Capital reports 9M09 losses

Advantage Capital Holdings Public Company Ltd (ASP) reported losses attributable to the Company’s shareholders of EUR27.0mln in the first nine months of 2009 compared to a profit of EUR29 mln in the corresponding period of 2008. Results also include a loss of EUR 10.2mln from realization of available for sale investments.
Group turnover increased by 20% to EUR 37.5mln from EUR 31mln a year earlier. According to Management this was mainly the result of the consolidation of the Group’s Greek subsidiary Company, Proton Insurance SA, as of 7th May 2009. Total revenue stood at EUR 37.5mln against EUR 59.2mln in 9M 08, mainly due to the disposal of the Group’s investments during 2008. The provision for impairments which soared by 534% to EUR 3.8mln also negatively affected the results. Management remarked that the Group’s financial results for the full year of 2009 are expected to be substantially loss making as a result of the indirect negative effect that the Group’s subsidiary Companies had as regards to Aspis Insurance Group. Management also noted their decision for disposal of their stake related to the Group’s Insurance operations.