Woolworth forecasts 2006 profits at CYP 3 mln

Woolworth (Cyprus) Properties Pcl (FWW) has issued a bullish forecast, expecting 2006 net profit attributable to shareholders to reach CYP 3 mln or EUR 5.2 mln compared to CYP 2.3 mln or EUR 3.9 mln in 2005.

The bullish forecast was made by the company after the first nine month results were released, showing a 76% jump in 9M06 profit to CYP 2.7 mln or EUR 4.8 mln from CYP 1.56 mln or EUR 2.7 mln in the 9M05 period.

EPS were up at 2.9c or 5.0 euro cent. FWW announced that the book value per share as at end of September 2006 amounted to 73.9 cent or EUR 1.28 per share. Excluding the provision for deferred taxation, the book value according to FWW calculations improves to 84.6 cent or EUR 1.47 per share.

“Our prospects are significantly better than in previous years and the value of the company is much better,” the Board said in the announcement.

The results include the activities of ITTL Trade Tourist and Leisure Park Ltd, the Shacolas Emporium Park which will operate the Mall of Cyprus, which will house the IKEA, Carrefour and other retail outlets. The results also include the activities of CTC-ARI Aiports, the company which will manage the Larnaca and Paphos airports for 25 years and share of profit from Ermes Department Stores.

FWW revealed that the results include a EUR 2 mln amount that Carrefour paid for the right to place one of its outlets in the Shacolas Emporium Park and in the commercial ‘Engomis Centre’. As previously announced, Groupe Carrefour will pay a total of EUR 6 mln for the whole deal, with the remaining EUR 4 mln to be paid in EUR 1 mln equal annual instalments in the next four years.

Work on the Shacolas Emporium Park is expected to be completed next year with the project expected to become operational by October 2007.