Cyprus Airways, the troubled national airline is operating on a going concern basis, since the cumulative losses piled up over recent years, including the first half of 2005 have forced the Group’s total liabilities to exceed its total assets by CYP 3.9 mln. In other words, the book value per share is minus 3.5 cent

…as Bankers Chairman resigns The island’s banks have offered to renew the collective labour agreement for the next three years with a 2% pay increase, similar to the collective labour deal reached earlier by the government and the civil servants union. The bank employees union, ETYK is now expected to consider the offer and put

Laiki Bank Group (CPB) reported a highly satisfactory increase in first half profits, which surged 63.2% year-on-year to CYP 18.12 mln from CYP 11.1 mln a year ago, with the return on equity ratio climbing to 11.5% on an annualised basis, by far the best among the Cyprus banks. Operating income increased to CYP 118.9

BNP Paribas (Cyprus) Ltd., the successor of the French BNPI’s operations on the island, will be staying on after all, following wild rumours last May that the bank had relieved its second local manager in as many years, was contemplating downsizing its operations here and that staff were abandoning ship. These rumours were further fuelled

Orphanides Public Co. (ORF) saw its margins improving in the first half of the year, but the addition of new stores, higher fuel costs and other related expenses forced net profits to hover at about the same level as last year. Total sales in the first half were up 5.98% year-on-year to CYP 37.14 mln

Demetra Investments (DEM), the island’s largest investment company reported a spectacular improvement in first half profits on the back of a sharp jump in dividend income and bumper profits from unrealised revaluation of investments gains. Total revenue in the first half jumped to CYP 8.1 mln from a loss of CYP 5.6 mln a year