Orphanides: Six-month results 2007 on 28/8 – Profit Warning – Change of secretary
16/8/2007 13:23
1. Profit Warning
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 Ltd announces that the financial results for the first half of 2007 are expected to be lower compared to the corresponding results of 2006. This drop is attributable to a number of factors that affected positively or negatively the company. The factors are the following:
- Drop in the turnover. The refurbishment and improvement of the supermarkets in Larnaca, Paralimni and Zakaki affected negatively the Group’s sales. With the completion of the refurbishments above, it is expected that the supermarkets will increase their sales significantly.
- Increase in the cost of promotion and advertisement to deal with the competition in an effective way.
- Increase in finance cost as a result of the financing of the three-year strategic plan.
- Increase in gross profit, despite the drop in the turnover.
- Decrease in administrative expenses, as a result of their close observance.
2. Board meeting
The Board of Directors will meet on Tuesday, August 28, 2007 at 16.00 at the Company’s Head Office to examine the six-month results for the period ended June 30, 2007.
3. Change of Secretary
The Board of Directors announces the change of the Company’s secretary with immediate effect. The new secretary is Omnium Secretarial Limited.
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 Ltd announces that the financial results for the first half of 2007 are expected to be lower compared to the corresponding results of 2006. This drop is attributable to a number of factors that affected positively or negatively the company. The factors are the following:
- Drop in the turnover. The refurbishment and improvement of the supermarkets in Larnaca, Paralimni and Zakaki affected negatively the Group’s sales. With the completion of the refurbishments above, it is expected that the supermarkets will increase their sales significantly.
- Increase in the cost of promotion and advertisement to deal with the competition in an effective way.
- Increase in finance cost as a result of the financing of the three-year strategic plan.
- Increase in gross profit, despite the drop in the turnover.
- Decrease in administrative expenses, as a result of their close observance.
2. Board meeting
The Board of Directors will meet on Tuesday, August 28, 2007 at 16.00 at the Company’s Head Office to examine the six-month results for the period ended June 30, 2007.
3. Change of Secretary
The Board of Directors announces the change of the Company’s secretary with immediate effect. The new secretary is Omnium Secretarial Limited.
