SFS lifts 2007E profit forecast to EUR 27.6 mln

SFS Group Public Company Ltd (SFS) announced that it has proceeded with the disposal of plots of land in the Paphos district for CYP14.0 mln (EUR24.1m) and proceeded with a significant revision to its forecasted profits for 2007.

According to the announcement, the profit before tax relating to the aforementioned disposal is estimated at CYP4.4 mln (EUR7.6m). In another development, the Group

issued a profit warning indicating that its 1H 2007 results will be higher than the CYP8.1 mln (EUR14.0m) reported for the whole year in 2006. As a result, the Group proceeded with an upwards revision of its profitability target for 2007 at CYP16.0 mln or EUR27.6 mln from CYP10.0 mln (EUR17.2 mln) before.