You are here

Hadjiioannou Farm: Indicative results 2011

At the meeting held on Tuesday, 29/2/2012, the Board of Directors of Renos Hadjiioannou Farm Public Company Ltd examined and approved the indicative results for the year ended 31/12/2011. The results have not been audited by the external auditors of the Company but have been prepared under the same accounting standards.

1. The sales stood at €1,074,087 compared to €1,465,871 in 2010 and the after tax profit at €1150.815 against profits of €14,335 in 2010. The earnings per share stood at 0.005 cents per share compared to 0.01 cent per share in 2010. The results show profit exclusively from the return of interests that had been overcharged in the previous years. If the interests had not been returned, the Company would show loss in 2011. as mentioned in previous announcements, the results of previous years and the balance sheet are burdened by expenses that will be returned after agreements with banks.

2. The Company’s liquidity is still bad and hence the Company operates poorly. The Board of Directors is not in a position to make a forecast for 2012, if it returns to normal operation. It expects that the agreement with a bank will be a positive impact.

3. The indicative results will be published in newspaper “Haravgi” on 2/3/2012.
Wednesday, 29 February, 2012 - 09:20