27/11/2013 10:14
Ermes, a company of Shacolas Group, announced increased losses for the first nine months of 2013.
The losses attributable to shareholders stood at €569 thousand compared to losses of €505 thousand in the corresponding period of 2012.
Despite the increased losses, the Board of Directors approved the payment of an interim dividend of 2 cents per share.
According to the company, the turnover and the results of the Group for the nine months of 2013 have been affected by the consequences of all the actions and decisions taking place in the Cyprus economy since March this year.
Furthermore, turnover and results have also been affected by the decisions taken by the Group in its efforts to reorganize the services offered and the termination of the operating activities of Debenhams Avenue in Nicosia, one of the three Scandia stores in Nicosia and of the subsidiary company Domex Trading Co. Ltd.
The turnover amounted to €160.638.000 compared to €178.752.000 in the corresponding period of 2012, showing a decrease of 10,1%.
The gross Profit and Other Income amounted to €55.893.000.
The Board of Directors and the Management of the Group, continue to manage the continuously modified difficult and uncertain circumstances with utmost care, the announcement said.
“The measures undertaken for the reduction in expenses were effective and have produced substantial savings, and as a result the Group retains its ability to meet all its obligations. Furthermore, the operating results of the Group before the non recurring expenses for the nine months of 2013, were improved from the corresponding period last year and based on current estimates; the same is expected for the operating results of the year”.
“The Board of Directors and the Management of the Group, express their satisfaction in the decisions taken by the Government in its efforts to stimulate the economy”, it added.
“In addition to the above, with the implementation of open skies policy, that will result to a lot more tourists visiting Cyprus during the winter months, it is a necessity for the new time frame to continue in 2014 as well, as it has been proven that retail trade and the whole economy are positively affected by the new visitors”, the announcement concluded.
The losses attributable to shareholders stood at €569 thousand compared to losses of €505 thousand in the corresponding period of 2012.
Despite the increased losses, the Board of Directors approved the payment of an interim dividend of 2 cents per share.
According to the company, the turnover and the results of the Group for the nine months of 2013 have been affected by the consequences of all the actions and decisions taking place in the Cyprus economy since March this year.
Furthermore, turnover and results have also been affected by the decisions taken by the Group in its efforts to reorganize the services offered and the termination of the operating activities of Debenhams Avenue in Nicosia, one of the three Scandia stores in Nicosia and of the subsidiary company Domex Trading Co. Ltd.
The turnover amounted to €160.638.000 compared to €178.752.000 in the corresponding period of 2012, showing a decrease of 10,1%.
The gross Profit and Other Income amounted to €55.893.000.
The Board of Directors and the Management of the Group, continue to manage the continuously modified difficult and uncertain circumstances with utmost care, the announcement said.
“The measures undertaken for the reduction in expenses were effective and have produced substantial savings, and as a result the Group retains its ability to meet all its obligations. Furthermore, the operating results of the Group before the non recurring expenses for the nine months of 2013, were improved from the corresponding period last year and based on current estimates; the same is expected for the operating results of the year”.
“The Board of Directors and the Management of the Group, express their satisfaction in the decisions taken by the Government in its efforts to stimulate the economy”, it added.
“In addition to the above, with the implementation of open skies policy, that will result to a lot more tourists visiting Cyprus during the winter months, it is a necessity for the new time frame to continue in 2014 as well, as it has been proven that retail trade and the whole economy are positively affected by the new visitors”, the announcement concluded.