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Lower losses for CFI

13/11/2014 09:40
Cyprus Forest Industries announced lower losses for the first nine months of 2014.

The loss attributable to the owners of the Company for the period was €861.386 compared to €1.612.100 in the corresponding period of 2013 (-46.6%).

The losses for the period ended September 30, 2014 are lower than those of the corresponding period of 2013 due to the lower cost of sales, the drop in administrative and selling expenses and the elimination of losses from the evaluation of financial assets available for sale.

During the first nine months of 2014, a loss of €706 was recognized in the profit and loss compared to a loss of €273.280 in the corresponding period of 2013 from the revaluation of financial assets available for sale.

The total sales of the Group for the first nine months of 2014 stood at €4.577.429 compared to €4.705.729 in the corresponding period of 2013, recording a decrease of 2.7%.

The loss from operations before finance cost for the period was €585.821 against €1.030.671 in the corresponding period of 2013, recording a decline of €444.850 or 43.1%.

The administrative and selling expenses stood at €856.240 compared to €1.057.830 in the corresponding period of 2013, recording a decrease of €201.590 or 19.1%.

The net finance cost stood at €288.782 compared to €313.328 in the corresponding period of 2013. The decline of €24.546 is attributable to the lower bank overdrafts for the period ended September 30, 2014.

During the period between October 1, 2014 and November 11, 2014, there were additional losses of €17.700 due to the declaration of one employee as redundant.

As for the prospects, the Board of Directors believes that the prospects for 2014 will be negative due to the recession in the construction industry and the economy in general.