Marfin CLR Cyprus moves back to profit

Marfin CLR Public Co Ltd (LI), Cyprus’ largest financial services company in terms of daily transacted volume on the CSE reported its indicative 2009 results with profit after tax coming in at EUR4.1mln against losses of EUR5.3mln in 2008.
The improved profitability is mainly attributed to higher income from stock market and financial services, whereby commissions jumped to EUR 8 mln from EUR 4.7 mln a year ago, a very good cost containment strategy as total costs were kept at EUR 3.8 mln (2009: EUR 3.5 mln) and significantly lower revaluation losses. In 2008, Marfin CLR had booked EUR 5.9 mln in revaluation losses compared to EUR 613k in 2009, while included in the results of 2009 is a gain of EUR 1.2 mln from disposal of assets. EPS were 1.45 euro cent compared to loss per share of 2.69 cent in 2008.