Christis: AGM decisions – President’s speech – EGM approved buyback
6/6/2006 9:50
The Annual General Meeting of Christis Dairies Public Ltd took place on Monday, June 5, 2006 at the Hilton Park Hotel in Nicosia.
SPEECH
At his speech, Mr. Marios Kambanelas, Executive Chairman, referred to the following:
The profit from operations in stood at £438,976 compared to £28,834 in 2004. The profit before taxation amounted to 118,301 against a loss of £829,919 in 2004. The results have showed an improvement of £948,220. The profit after taxation in 2005 stood at £108,343 against a loss of £760,845 in 2004.
This improvement is attributable to: (a) the increase in sales, (b) the improvement in prices and the margin of profits in exports, (c) the restraining in operating expenses, (d) the termination of loss-making activities.
In the first five months of 2006, the sales of fresh pasteurised milk recorded an increase of 35% due to the bottle of 1.5 litre. In January-April 2005, the gross margin of profit surged 1.5% to 23% against 21.5%.
APPOINTMENT OF DIRECTORS
The AGM reelected Messrs. Spyros Bonatsos, Giorgos Aniliadis, Nicos Kyriakides, Marios Savvides and Andreas Louroutziatis as Board members.
EXTRAORDINARY GENERAL MEETING
The Extraordinary General Meeting decided the following:
Buyback of Own Shares
The EGM approved a special resolution, which extended the authorization of the Board of Directors for 12 months to proceed to buyback of own shares, pursuant to the provisions of the special resolution.
SPEECH
At his speech, Mr. Marios Kambanelas, Executive Chairman, referred to the following:
The profit from operations in stood at £438,976 compared to £28,834 in 2004. The profit before taxation amounted to 118,301 against a loss of £829,919 in 2004. The results have showed an improvement of £948,220. The profit after taxation in 2005 stood at £108,343 against a loss of £760,845 in 2004.
This improvement is attributable to: (a) the increase in sales, (b) the improvement in prices and the margin of profits in exports, (c) the restraining in operating expenses, (d) the termination of loss-making activities.
In the first five months of 2006, the sales of fresh pasteurised milk recorded an increase of 35% due to the bottle of 1.5 litre. In January-April 2005, the gross margin of profit surged 1.5% to 23% against 21.5%.
APPOINTMENT OF DIRECTORS
The AGM reelected Messrs. Spyros Bonatsos, Giorgos Aniliadis, Nicos Kyriakides, Marios Savvides and Andreas Louroutziatis as Board members.
EXTRAORDINARY GENERAL MEETING
The Extraordinary General Meeting decided the following:
Buyback of Own Shares
The EGM approved a special resolution, which extended the authorization of the Board of Directors for 12 months to proceed to buyback of own shares, pursuant to the provisions of the special resolution.
