Demetra: Interim Management Statement
16/11/2010 8:52
We wish to inform you that at the meeting held on November 15, 2010, the Board of Directors of Demetra Investments Public Limited approved the Interim Management Statement for the period from July 1 to November 15, 2010 pursuant to article 11 of the Transparency Requirements Law 2007.
Main activities
The main activities of the Group, which focus on the portfolio management and the investments in the land development and property sector, have remained the same as last year.
Results and main events
During the period, the Group showed losses compared to profits in the corresponding period of 2009 due to the drop of the CSE and the ASE.
The most significant events during the period are as follows:
Financials
The Company continued with the management of its portfolio in shares and bonds in the CSE and other stock markets abroad in cooperation with the Company’s Investment Managers. Its aim is to achieve better and larger dispersion of the investment risk and more stable yields.
The yield of the portfolio above will depend on the course of the stock markets in Cyprus and abroad.
Land and property development
Taking into account the latest developments from the current economic crisis and its repercussions on the world economy, the Group did not proceed with significant transactions in the sector of land development and property.
The constructions of Demetra Tower in a central avenue of Nicosia are over and a large part of it has already been leased.
Also, the construction of offices in a self-owned plot in a central avenue of Nicosia proceeds normally based on an agreement signed with the construction company. The project will be delivered in the first quarter of 2011.
The investments above and the previous investments are expected to bring stable revenues to the Company.
Other projects
The construction of the desalination until in Episkopi has started.
During the period, the Company proceeded with the sale of its stakes in ICTS Cyprus Ltd and Demetra Investments and Arsiotis Developments Ltd, which remained inactive since the date of their establishment. No profit or loss has emerged from the aforementioned transactions.
Main risks and uncertainties
The main risks and uncertainties that the Group faces are the same as those described in the Annual Report 2009.
Prospects for 2010
The final results for 2010 will depend on the course of the stock exchange indices in Cyprus and abroad, as well as the property estimates that will be carried out at the end of the year.
Main activities
The main activities of the Group, which focus on the portfolio management and the investments in the land development and property sector, have remained the same as last year.
Results and main events
During the period, the Group showed losses compared to profits in the corresponding period of 2009 due to the drop of the CSE and the ASE.
The most significant events during the period are as follows:
Financials
The Company continued with the management of its portfolio in shares and bonds in the CSE and other stock markets abroad in cooperation with the Company’s Investment Managers. Its aim is to achieve better and larger dispersion of the investment risk and more stable yields.
The yield of the portfolio above will depend on the course of the stock markets in Cyprus and abroad.
Land and property development
Taking into account the latest developments from the current economic crisis and its repercussions on the world economy, the Group did not proceed with significant transactions in the sector of land development and property.
The constructions of Demetra Tower in a central avenue of Nicosia are over and a large part of it has already been leased.
Also, the construction of offices in a self-owned plot in a central avenue of Nicosia proceeds normally based on an agreement signed with the construction company. The project will be delivered in the first quarter of 2011.
The investments above and the previous investments are expected to bring stable revenues to the Company.
Other projects
The construction of the desalination until in Episkopi has started.
During the period, the Company proceeded with the sale of its stakes in ICTS Cyprus Ltd and Demetra Investments and Arsiotis Developments Ltd, which remained inactive since the date of their establishment. No profit or loss has emerged from the aforementioned transactions.
Main risks and uncertainties
The main risks and uncertainties that the Group faces are the same as those described in the Annual Report 2009.
Prospects for 2010
The final results for 2010 will depend on the course of the stock exchange indices in Cyprus and abroad, as well as the property estimates that will be carried out at the end of the year.
