SFS H106 profit triple, as assets reach CYP 153 mln

SFS Group Pcl (SFS) more than tripled first half 2006 profit on the back of a specactular increase in income from all areas of activity as well as share of profit from subsidiaries, heavily exposed to the CSE rally, which doubled stock market gains.

Total income jumped 59% YoY to CYP 20.65 mln on the back of higher revenue from the inclusion of Lemissoler Shipping, financial services and the Larnaka Bay Resort project, with first 5 units of the project being delivered.

The Shipping, Commercial and Property sector gross profit was up 28% at CYP 6.5 mln, while the financial services saw a 121% increase to CYP 1.72 mln.

Bottom line profitability had a positive impact from an amount of CYP 557k relating to gains from the disposal of immovable property. Other income was up moderately at CYP 537k from CYP 439k a year ago.

Total income jumped 31% to CYP 9.33 mln in first half of 2006 from CYP 7.1 mln a year ago.

Total costs meanwhile, were held in check, rising by 9% YoY to CYP 7.58 mln from CYP 6.96 mln mostly as a result of an increase in Lemissoler costs. Operating profit jumped to CYP 1.75 mln from 145k a year ago.

Share of profit from associate companies that are heavily exposed to the ups and downs of the stock market jumped to CYP 1.41 mln in the first half of 2006 compared to CYP 675k profit a year ago in the same period as stock prices continued higher in 2006.

Net profit attributed to shareholders more than tripled to CYP 1.87 mln from CYP 571k a year ago, with EPS up at 0.69 cent from 0.22 cent a year ago.

Shareholders funds’ were up at CYP 30.51 mln from CYP 28 mln previously.

SFS revealed that net cash flow from operations jumped to CYP 1.46 mln from negative CYP 2.8 mln a year ago. Work in capital however, fell to CYP 2.2 mln from CYP 4.8 mln, mostly as repayment on bank loans increased and a Group subsidiary purchased a ship at a cost of CYP 2.3 mln in cash.

Total assets of the SFS Group reached CYP 153 mln from CYP 147 mln end of 2005.