During the convention held on November 8, 2002, the Board of Directors of CLR FINANCIAL SERVICES LTD decided to approve the Consolidated Summary Accounts for the nine-month period ended on September 30, 2002, find attached.
During the three-month period after Group announced its last results (First six months of 2002), the CSE general index continued to record negative performances, falling 10% (from 93.71 points on 1/7/2002 to 84.47 points on 30/9/2002). The trading volume was particularly low, reaching CYP 522.000 million. The reduced investors’ interest kept the CSE in low levels. These negative performances have affected Group’s results, with losses reaching CYP 1.052.195. The net losses in trading investments rose to CYP 1.801.791.
During the three-month period, the Board of Directors considered it necessary to proceed to a permanent reduction of CYP 489.000 of long-term investments and estimates of CYP 121.000 for non-recovered debts. The increased losses of the associated company CLR Investment Fund Ltd combined with the increased share since May 2002 have further increased period’s losses.
The increased investors’ interest and the CSE index and trading volume rises occurred since the end of October 2002 have partly reversed the aforementioned negative picture, as Stock Exchange commissions increased and portfolio losses reduced. In addition, the Group is particularly interested in the internationalization of its activities and the proper staff appointment for the rendering of services in international investments, thought to be a significant future income source. This prospect will be further boosted after Cyprus accession in the EU.
Copy accounts are available to investors from Company’s registered office, 31 Evagorou Avenue, Evagoras Court, 6th floor, 1066 Nicosia, Cyprus.
During the three-month period after Group announced its last results (First six months of 2002), the CSE general index continued to record negative performances, falling 10% (from 93.71 points on 1/7/2002 to 84.47 points on 30/9/2002). The trading volume was particularly low, reaching CYP 522.000 million. The reduced investors’ interest kept the CSE in low levels. These negative performances have affected Group’s results, with losses reaching CYP 1.052.195. The net losses in trading investments rose to CYP 1.801.791.
During the three-month period, the Board of Directors considered it necessary to proceed to a permanent reduction of CYP 489.000 of long-term investments and estimates of CYP 121.000 for non-recovered debts. The increased losses of the associated company CLR Investment Fund Ltd combined with the increased share since May 2002 have further increased period’s losses.
The increased investors’ interest and the CSE index and trading volume rises occurred since the end of October 2002 have partly reversed the aforementioned negative picture, as Stock Exchange commissions increased and portfolio losses reduced. In addition, the Group is particularly interested in the internationalization of its activities and the proper staff appointment for the rendering of services in international investments, thought to be a significant future income source. This prospect will be further boosted after Cyprus accession in the EU.
Copy accounts are available to investors from Company’s registered office, 31 Evagorou Avenue, Evagoras Court, 6th floor, 1066 Nicosia, Cyprus.
Monday, 11 November, 2002 - 09:59