Reduced profits for Orphanides
2/10/2001 12:01
During the Board meeting of Orphanides Supermarkets Ltd., the unaudited six month results for 2001 for the period ending 30 June were examined and approved.
Turnover reached CYP 32.327.049, an increase of 13% compared to the same period in 2000 and represents turnover of all the companies of the Group. The increase is mainly attributed to the opening of the new supermarkets acquired in 2000 and is expected to be higher during the second six month period. Pre-tax profits were CYP 389.563 compared to CYP 1.038.010 the corresponding period in 2000, the decrease being attributed to increased financing costs and depreciation. Pre-tax profits are expected to be improved for the second six month period in view of the anticipated increase in turnover. Profits attributable to shareholders were CYP 325.630 compared to CYP 890.792 the same period last year. Basic earnings per share were 0,40 cents on an average number of 80.966.225 shares.
Turnover reached CYP 32.327.049, an increase of 13% compared to the same period in 2000 and represents turnover of all the companies of the Group. The increase is mainly attributed to the opening of the new supermarkets acquired in 2000 and is expected to be higher during the second six month period. Pre-tax profits were CYP 389.563 compared to CYP 1.038.010 the corresponding period in 2000, the decrease being attributed to increased financing costs and depreciation. Pre-tax profits are expected to be improved for the second six month period in view of the anticipated increase in turnover. Profits attributable to shareholders were CYP 325.630 compared to CYP 890.792 the same period last year. Basic earnings per share were 0,40 cents on an average number of 80.966.225 shares.
