Reduced profits for E&F
25/9/2001 12:03
Euroinvestment & Finance Ltd. published its unaudited consolidated results for the first six month period of 2001. Total income for the period was CYP 956.416 compared to CYP 1.383.615 the same period in 2000, with pre-tax profits of CYP 220.362 compared to CYP 840.318 the same period last year. After-tax profits were CYP 141.941 in relation to CYP 623.365 the same period in 2000 with earnings per share of 0,6 cents, fully diluted earnings per share 0,5 cents.
The company notes that the continuing crisis of the stock exchange and its effects on the wider economic sector, notably affected the financial results of the first six month period of 2001 of Euroinvestment & Finance.
Performance of financial investment products were affected by the 66% drop in volume of transactions of the CSE compared to the first six months of 2000. Net revenues from interest and relevant income remained at around the same levels as those of the second six month period of 2000. Significant decrease is also noted from income derived from investment banking as a result of the serious drop in demand for such services as well as the reduction of funds under management following the acquisition of Olympos Investments last December.
According to the company, prudent portfolio management resulted in slight profits despite the adverse conditions, and profits of its subsidiary Philoktimatiki Ltd. from estate and construction operations were sustained at last year's levels. Efforts to sustain expenditure resulted in reduction of operational costs and depreciation of 12% from the previous six month period.
It is obvious that the year 2001 will be a difficult year, particularly in view of recent international events, and for this reason, Euroinvestment & Finance will continue its conservative attitude.
The company notes that the continuing crisis of the stock exchange and its effects on the wider economic sector, notably affected the financial results of the first six month period of 2001 of Euroinvestment & Finance.
Performance of financial investment products were affected by the 66% drop in volume of transactions of the CSE compared to the first six months of 2000. Net revenues from interest and relevant income remained at around the same levels as those of the second six month period of 2000. Significant decrease is also noted from income derived from investment banking as a result of the serious drop in demand for such services as well as the reduction of funds under management following the acquisition of Olympos Investments last December.
According to the company, prudent portfolio management resulted in slight profits despite the adverse conditions, and profits of its subsidiary Philoktimatiki Ltd. from estate and construction operations were sustained at last year's levels. Efforts to sustain expenditure resulted in reduction of operational costs and depreciation of 12% from the previous six month period.
It is obvious that the year 2001 will be a difficult year, particularly in view of recent international events, and for this reason, Euroinvestment & Finance will continue its conservative attitude.
