Orphanides: Nine-month results 2011
30/11/2011 9:31
Pursuant to the CSE and SEC Regulations and in order to fully inform the shareholders and the investing public in general, the Board of Directors of Orphanides Plc announces that at the meeting held on Tuesday, November 29, 2011 at the Company’s Head Office it examined and approved the Interim Management Statement (pursuant to Article 11 and 12 of the Transparency Requirements Law 2007) and the nine-month results for the period ended September 30, 2011.
The results have showed a significant decline compared to the corresponding period of 2010. This drop is attributable to the following factors:
i) The decline in the turnover due to the ongoing financial crisis together with the increase in operating expenses from the full operation of the 7 new super markets.
ii) The increased competition in the retail trade, especially in the sector of super markets.
iii) The ongoing recession of the Cyprus economy.
The results will be available free of charge at the Company’s office, 20-22 Yiannou Kranidioti Avenue, Larnaca and the Company’s website, www.orphanides.com.cy. The results will be published in newspaper “Phileleftheros” on December 4, 2011 and Financial Mirror on December 7, 2011.
The results have showed a significant decline compared to the corresponding period of 2010. This drop is attributable to the following factors:
i) The decline in the turnover due to the ongoing financial crisis together with the increase in operating expenses from the full operation of the 7 new super markets.
ii) The increased competition in the retail trade, especially in the sector of super markets.
iii) The ongoing recession of the Cyprus economy.
The results will be available free of charge at the Company’s office, 20-22 Yiannou Kranidioti Avenue, Larnaca and the Company’s website, www.orphanides.com.cy. The results will be published in newspaper “Phileleftheros” on December 4, 2011 and Financial Mirror on December 7, 2011.
