Orphanides: Profit Warning for final results 2007
25/2/2008 16:57
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 Public Company Limited announces that the results for 2007 are expected to be lower compared to the corresponding results of 2006.
This drop is attributable to a number of positive and negative factors. These factors are:
- Decrease in the turnover. The refurbishment of the super markets in Larnaca, Paralimni and Zakaki affected negatively the Group’s sales. With the completion of the works, the aforementioned super markets managed to increase their sales, reducing the losses of the year.
- Increase in promotion and advertising expenses to deal with the competition more effectively.
- Increase in finance cost as a result of the funding for the enforcement of the Group’s growth plan.
- Increase in gross profit despite the drop in the turnover.
This drop is attributable to a number of positive and negative factors. These factors are:
- Decrease in the turnover. The refurbishment of the super markets in Larnaca, Paralimni and Zakaki affected negatively the Group’s sales. With the completion of the works, the aforementioned super markets managed to increase their sales, reducing the losses of the year.
- Increase in promotion and advertising expenses to deal with the competition more effectively.
- Increase in finance cost as a result of the funding for the enforcement of the Group’s growth plan.
- Increase in gross profit despite the drop in the turnover.
