C.T.O: Interim Management Statement
14/5/2009 9:20
At the meeting held on May 13, 2009, the Board of Directors of C.T.O Public Company Ltd examined and approved the Interim Management Statement for the period from January 1, 2009 to May 12, 2009. The Interim Management Statement has been prepared pursuant to the provisions of Article 11 of the Transparency Requirements Law 2007 and has not been audited by the external auditors of the Group.
Main activities
The main activity of the Company focuses on the production and sale of paper hygiene products. The Company holds 5the following subsidiary:
Name: Explosal Ltd
Stake: 100%
The main activity of the subsidiary is the production and trading of tobacco products, as well as the construction activities and the sale and purchase of land.
General financial information
The turnover during the period has recorded an increase compared to the corresponding period of 2008 due to the ongoing increase in the customers’ list and the import of tobacco products in the Cypriot market.
Other corporate facts
The Group examines the developments of the retail trade of paper hygiene products and acts in such a way to secure its upward trend, expanding its customers’ list and reducing its cost of production.
Also, in 2009 the Group proceeded with the import of tobacco products in the Cyprus market, taking advantage of the existing distribution network and the customers’ base. This resulted to the increased sales.
There were no other facts or transactions affecting the Company’s condition during the period.
Main risks and uncertainties
The main risks and uncertainties are described in the Annual Report 2008.
The Cypriot economy is being affected by the global economic crisis and the growth rate is lower then expected. Therefore, no safe forecasts can be made for the rest of the year.
Main activities
The main activity of the Company focuses on the production and sale of paper hygiene products. The Company holds 5the following subsidiary:
Name: Explosal Ltd
Stake: 100%
The main activity of the subsidiary is the production and trading of tobacco products, as well as the construction activities and the sale and purchase of land.
General financial information
The turnover during the period has recorded an increase compared to the corresponding period of 2008 due to the ongoing increase in the customers’ list and the import of tobacco products in the Cypriot market.
Other corporate facts
The Group examines the developments of the retail trade of paper hygiene products and acts in such a way to secure its upward trend, expanding its customers’ list and reducing its cost of production.
Also, in 2009 the Group proceeded with the import of tobacco products in the Cyprus market, taking advantage of the existing distribution network and the customers’ base. This resulted to the increased sales.
There were no other facts or transactions affecting the Company’s condition during the period.
Main risks and uncertainties
The main risks and uncertainties are described in the Annual Report 2008.
The Cypriot economy is being affected by the global economic crisis and the growth rate is lower then expected. Therefore, no safe forecasts can be made for the rest of the year.
