Muskita Aluminium Industries Pcl managed to lift overall sales during 2005, but net profits declined due to higher depreciation, finance and energy costs. Total turnover increased by 5.89% to CYP 29.22 mln from CYP 27.62 mln in 2004, mainly on the back of higher export sales to European countries as well as higher local sales.
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Bank of Cyprus shares made a solo rally on the Cyprus Stock Exchange as Cypriot investors rushed to mark the Bank’s shares 13c or 3.62% higher in a vain attempt to keep pace with the spectacular rally on the ASE, where the BOC shares closed at yet another record high. Foreign fund managers continued to
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The European Commission has noted that competition in the telecom market in Cyprus still appears to be very limited, possibly partly due to both retail and wholesale pricing issues in the fixed and mobile markets. The EC noted that competition among telecom operators in the EU in general has drastically cut the cost of making
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The Supreme Court rejected the appeals of former chairman of AremiSoft, Lycourgos Kyprianou, and his wife, Ermioni, on Monday, as well as of their subsidiary holdings, ruling that these were unwarranted and ordered that all their accounts worldwide remain frozen in accordance with the initial court decision of 2005. The court also rejected requests by
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— CyTA to enter with Quadro Play miVision, CyTA’s digital platform, is seeking to strike new deals with content providers from Cyprus and abroad, as CyTA rushes to boost the total channels on its pay-TV digital platform from 36 at present to 60. CyTA Chairman Stavros Kremmos told the Financial Mirror that the letter of
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— Trichet hints at rate hike The first concrete indication of the European Central Bank’s assessment of Cyprus’ progress towards adopting the euro will come this autumn when the ECB will publish its Convergence Report on the 10 new European Union member states, plus Sweden. Speaking during his quarterly report to the European Parliament, ECB
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Alpha Bank, the Greek financial giant with a 10% grip on local loans, aims to lift its share of the market to 12% by 2010, taking advantage of its competitive pricing policy and flexibility, according to its Managing Director in Cyprus, Costas Kokkinos. In an interview with the Financial Mirror, Kokkinos said that ever since
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Vassiliko Cement Works (VCW) reported a 36.8% year-on-year increase in net profits to CYP 6.88 mln for 2005 compared to CYP 5.03 mln in 2004, but maintained its final and dividend at the same levels of 2005 in view of its massive investment plans. Following the spectacular increase in profitability, which was achieved on the
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Laiki Bank Public Ltd. reported a 102.7% year-on-year increase in 2005 profits to CYP 42.8 mln compared to 21.1 mln in 2004, which was in line with market expectations, but surprised on the upside when it revealed that the Board will recomend a doubling up of the dividend to 6 cent per share from 3
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