CTC Cyprus: EBITDA up in 2012

Cyprus Trading Corporation Plc, the core public company of the NK Shacolas Group, saw turnover drop from 443 mln euros in 2011 to 407.4 mln last year, mainly due to a decrease in retail sales, the distribution of tobacco products and heavy vehicles, due to the ongoing economic crisis.
However, Managing Director Marios Loucaides said in his annual report to shareholders, that earnings before interest, taxation and depreciation (EBITDA) increased from 46.9 mln in 2011 to 48.3 mln in 2012, while after tax profits dropped from 9.5 mln euros to 7.1 mln last year.
However, there was also a goodwill writeoff of 12.4 mln euros which is not included in the cash inflows and will enhance the company’s liquidity position.
Group chairman Nicos Shacolas said CTC is expanding its activities and cooperation with local and international partners and that the sale of the 50% stake in MTN Cyprus boosted profits and liquidity.
The board decided not to make a dividend payment. All three Shacolas Group public companies paid out a total dividend of 9.25 mln euros to shareholders last year.