Jumbo says annual net down 17%, strong in Cyprus

Jumbo, Greece's largest toy retailer, said on Wednesday net profit for its financial year to end-June dropped 17%, hurt by one-off taxes and the nation's austerity-driven consumption downturn.
Jumbo said net profit fell to 79.2 mln euros ($107.5 mln) from 95.7 mln euros in its previous financial year.
"The results of the current financial year were burdened with … 20.7 mln euros for two extraordinary tax contributions," it said in a statement.
The stock market closed before Jumbo results were released. Its shares ended 0.2% higher at 4.95 euros. The Athens Stock Exchange shed 0.4%.
Referring to its current financial year, Jumbo said July-Sept sales are expected to remain at last year's level of about 116.5 mln euros, hurt by tough economic conditions and a truckers' strike which disrupted merchandise supplies.
In a bid to stop revenue falling, Jumbo said it will not now roll out a VAT rise to retail prices and will speed up the opening of five stores in Greece and abroad. The retailer operates 46 outlets in Greece, Cyprus and Bulgaria.
In July, CEO Tolis Vakakis warned wage and pension cuts and tax rises that the country imposed in exchange for a 110 bln euro EU/IMF bailout were hurting the company's performance.
In the same month, the retailer said sales in the year to end-June rose 4% to 487 mln euros, as strong performance in Cyprus and Bulgaria outweighed a fall in business at home.