MarkeTrends: Reduced interim profits
28/9/2001 15:41
The Board of MarkeTrends Financial Services Ltd. approved the company's six month results for 2001 during its meeting on the 28 September 2001.
Income for the period reached CYP 11.432.734 with pre-tax profits of CYP 3.171.494. After-tax profits were CYP 2.346.685 compared to CYP 4.965.090 the same period last year. Profits attributable to shareholders were CYP 2.311.518 compared to CYP 4.941.468 the same period in 2000. Earnings per share were 1,69 cents.
The Chairman of the company issued a statement, describing the results as very satisfactory, taking into consideration the difficult conditions of the Cyprus economy and the dramatic drop of prices on the CSE, which seriously affected the financial sector.
The company notes that despite losses from revaluation of investments (which resulted from the sharp decline of prices on the stock exchange), the Group achieved a notable increase of its income and satisfactory profits.
Revenue from operations rose by 49.2% to CYP 11.43 mln. The company notes that income from other sectors other than brokerage/investment, reached CYP 7.2 mln equalling 63.1% of total revenues. During the first six month period of 2000, income of the Group was mainly resulting from the brokerage/investment sector.
The Chairman further states that increased revenues were as a result of the strategy followed by MarkeTrends during 2000 for expansion of its activities beyond brokerage by the change of operations, mainly by the expansion into the general and life insurance sectors both in Cyprus and Greece through Liberty Life, MarkeTrends Insurance and MarkeTrends Insurance Hellas in Greece.
Reduced profits of the Group before taxation to CYP 3.17 mln were mainly attributed to realisation of significant losses from revaluation of investments whilst the corresponding period in 2000 there had been notable gains.
The period of uncertainty which world economy is going through following the tragic events in New York, negatively affected the Cyprus economy and in extent the Group and do not allow for precise projections to be made for the second six month period of 2001.
Income for the period reached CYP 11.432.734 with pre-tax profits of CYP 3.171.494. After-tax profits were CYP 2.346.685 compared to CYP 4.965.090 the same period last year. Profits attributable to shareholders were CYP 2.311.518 compared to CYP 4.941.468 the same period in 2000. Earnings per share were 1,69 cents.
The Chairman of the company issued a statement, describing the results as very satisfactory, taking into consideration the difficult conditions of the Cyprus economy and the dramatic drop of prices on the CSE, which seriously affected the financial sector.
The company notes that despite losses from revaluation of investments (which resulted from the sharp decline of prices on the stock exchange), the Group achieved a notable increase of its income and satisfactory profits.
Revenue from operations rose by 49.2% to CYP 11.43 mln. The company notes that income from other sectors other than brokerage/investment, reached CYP 7.2 mln equalling 63.1% of total revenues. During the first six month period of 2000, income of the Group was mainly resulting from the brokerage/investment sector.
The Chairman further states that increased revenues were as a result of the strategy followed by MarkeTrends during 2000 for expansion of its activities beyond brokerage by the change of operations, mainly by the expansion into the general and life insurance sectors both in Cyprus and Greece through Liberty Life, MarkeTrends Insurance and MarkeTrends Insurance Hellas in Greece.
Reduced profits of the Group before taxation to CYP 3.17 mln were mainly attributed to realisation of significant losses from revaluation of investments whilst the corresponding period in 2000 there had been notable gains.
The period of uncertainty which world economy is going through following the tragic events in New York, negatively affected the Cyprus economy and in extent the Group and do not allow for precise projections to be made for the second six month period of 2001.
