Atlantic Insurance (ATL) recorded a satisfactory improvement in its 2004 results, lifting profits to CYP 1.18 mln from CYP 677.000 in 2003 on the back of an increase in premium income. The company announced that total premium income increased to CYP 9.47 mln from CYP 7.99 mln in 2003, helping boost operating profits to CYP

Cyprus spent a miserable 0.33% of of Gross Domestic Product (GDP) on research and development (R&D) in 2002, falling far short of the average 2% for all 25 European Union member states. The European Commission said in Brussels that the figure was an increase compared to previous years but still short of U.S. and Japanese

The Economist Intelligence Unit (EIU), in its February Global Forecast, has revised up its forecast for US real GDP growth in 2005 to 3.3% from 3.1% on the back of stronger consumer demand than expected in the final months of 2004. At the same time, it has slashed the Japan forecast to 0.8% from the

Lanitis Bros. (LB), the local Coke bottler and milk and juices manufacturer reported a highly disappointing set of results for 2004, with net profits nose-diving to CYP 463.832 from CYP 1.25 mln in 2003 as parallel imports of Coke hurt sales and cut into the company’s profit margins. Total turnover was up a miserable 2.6%

A massive increase in provisions for doubtful debts forced Hellenic Bank (HB) to miss a rebound in earnings as is the case with the two other major banks, resulting in huge losses for another year. Hellenic Bank confirmed the worst expectations of the market, hiking its provisions for bad debts by 13.8% to CYP 45.47

A&P Andreou Paraskevaides (APE) the local bottlers of Pepsi upped the final dividend to be declared for 2004 to 0.67 cent per share from 0.55 cent in 2003 for a yield of 7.8% on the back of a satisfactory increase in profits. Net after tax profits surged to CYP 1.309.096, or 0.72 cent per share

Kanika Hotels (KAN) surprised the market by announcing a record dividend for 2005, on top of a final dividend for 2004, taking its yield to a whopping 45%. After reporting a doubling in its net profits for 2004 to CYP 735.000 from CYP 365.000 in 2003, the Board of Kanika announced the intention to pay