Cyprus Trading Corp net drops on retail slump

Cypriot retailing group Cyprus Trading Corp's net profit fell to EUR11.7 mln in 2009, reflecting a decline in retail business and incorporation of results from a subsidiary.
The group, which has an 11.3 percent share in a consortium running Cyprus's two main airports, had posted a net profit of EUR36.7 mln in 2008.
Cyprus Trading has broad exposure in the retail sector, importing anything from forklifts to face creams. Total turnover of EUR468.08 mln was 3 percent lower than 2008, CTC said.
Last year's results were affected by a downturn in retail trade in affiliate Ermes Department Stores which runs the Debenhams chain in Cyprus and from results of property management company Woolworth (Cyprus) Properties. The Ermes group, which among others operates the Debenhams chain in Cyprus, has seen its net profit slump by 30.7% to EUR8.1mln, from EUR11.7mln last year. However, group sales were up 20.5% to EUR271.9mln, helped by the performance of the outlets it operates Cyprus's two airports and a new subsidiary specialising in building products.
In addition to Debenhams, Ermes operates shops in Cyprus of British high street brands Next, Oasis and Peacocks.