Options profit up 6.5% in first half

Options Cassoulides Pcl (OPT), which has recently received the green-light from the CSE to shift from the Parallel to the Main Market issued its first half results, posting a net profit of 907.000, up by 6.5% compared to a net profit of 852.000 a year ago in the same period. EPS were recorded at 2.0 cent, compared to 1.8 cent.

First half revenue remained practically unchanged on a year-on-year basis at CYP 11.7 mln, but; revenue from printing companies Polychromo SA and DDS SA are not consolidated as in 1H05. The company owns 26% of Polychromo SA and 13.5% of DDS SA. In 1H05 both companies were consolidated according to the acquisition method while in 1H06 they were treated as associate companies. Revenue contribution in 1H05 of both printing companies reached a total of CYP 1.4 mln while their total operating profit contribution in reached CYP 221.000.

Cost of sales fell significantly to CYP 8.1m (vs. CYP 8.5m in 1H05), with gross profit increasing to CYP 3.6 mln (up by 15.6%) yielding a margin of 30.7% (+4 pps YoY). On the other hand, operating expenses increased by 13% YoY to CYP 2.38 mln.

Profit from operating activities (EBIT) came in higher at CYP 1.32 mln (+8.7%YoY).