CAIR, Ermes and Atlantic Ins results

Cyprus Airways Pcl (CAIR) reported net profit of EUR 1.17mln for 2007 compared to a loss of EUR 7.39mln  in FY06. EPS stood at EUR 0.0043. CAIR’s loss in FY06 included non-recurring expenses relating to the implementation of the Company’s restructuring plan.

Ermes Department Stores Plc (ERME) reported its preliminary FY07 results, posting a net profit of EUR 9.66mln vs. EUR 8.86mln in FY06. EPS stood at EUR 0.055. The improvement in ERME’s bottom line is attributed to: (1) the increase in turnover by 12.8% (from EUR 168.3m to EUR 189.8m FY07) and (2) the improvement in gross profit margin owing to a change in its sales mix towards higher yielding products. In another development, the Company’s BOD proposed, upon AGM’s approval, a dividend payment to its shareholders of EUR 0.0342 per share.

Atlantic Insurance Pcl (ATL) reported its preliminary FY07 results, posting a net profit of EUR 6.69mln compared to a net profit of EUR 4.72mln in FY06. EPS stood at EUR 0.171. In another development, the Company’s BOD proposed, upon AGM’s approval, a dividend payment to its shareholders of EUR 0.08 per share.