Main Market stocks triple their profits in 1Q ’06

The 15 stocks in the CSE’s Main Market sector have collectively boosted first quarter profits by 148% to CYP 59.31 mln with many titles nearing or exceeding the total profit declared for the whole of 2005.

Bank of Cyprus Pcl (BOC) was the most profitable company on the Cyprus Stock Exchange, lifting profit by 132% in the first quarter of 2006 to CYP 37.22 mln from CYP 16 mln a year ago in the same period and CYP 72.4 mln for the whole of 2005.

The spectacular increase in BOC’s profitability has been the driving force, leading the share price to increase in excess of 50% since the start of the year, which explains why major foreign investment banks such as UBS maintain a strong buy on the shares with a high price target.

Cyprus Trading Corporation Pcl (CTC) and SFS Group Pcl (SFS) racked up the highest percentage increase in first quarter profits, with CTC boosting Q1 profits by 479% to CYP 637,000 while SFS lifted profits by 255% to CYP 1.3 mln.

Among the majors, Hellenic Bank Pcl (HB) beat Laiki by lifting profit by 130% to CYP 6.8 mln while Laiki Bank Pcl (CPB) reported a 126% increase in profit to CYP 20.2 mln.

Louis Group Pcl (LUI) and Libra Holidays Group (LHG), both involved in the tourism industry, reported respective losses of CYP 10 mln and CYP 3.9 mln, but this is likely to be overturned when the tourism season gets into full swing from the second quarter on.

LUI has said it will beat last year’s CYP 8 mln profit number, while Libra has promised a significant improvement from last year’s dismal performance.

All in all, the Main Market titles reported a 147.9% increase in first quarter profit to CYP 59.31 mln compared to CYP 23.92 mln a year ago in the same period and CYP 133 mln for the whole of 2005.