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D.H.Cyprotels: Preliminary results 2001

D.H. Cyprotels Ltd. published its preliminary consolidated unaudited results for the year ended 31 October 2001.

Sales of the company for the said period reached CYP 14.405.000 compared to CYP 12.007.000 the same period last year, with operating profits reaching CYP 934.000 compared to CYP 2.253.000 the corresponding period in 2000. Pre-tax profits were CYP 929.000 and net profits CYP 603.000 compared to CYP 3.042.000 the same period in 2000. Earnings per share were 40 cents on an average number of 162.323.054 shares.

The issue of new shares to be made for the acquisition of Libra Aviation Ltd. by Astarti reduces the percentage of participation of the company in Astarti from 51% to 10% and therefore the investment in Astarti has been treated as investment in shares for trading purposes and not as investment in a subsidiary company.

Throughout the fiscal year of 2001, the construction works for the Cypria Maris Bay Hotel continued and it is expected that the hotel will commence operation in September 2002, adding to the company’s bed capacity.

The company anticipates that due to the September 11th events in the USA, it is not expected that for 2002 the turnover and profits of the company will be increased.
Wednesday, 30 January, 2002 - 10:18