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Increased interim profits for Woolworth

F.W. Woolworth & Co. (Cyprus) Ltd. published its results for the first six months of 2001 as approved by the Board on the 27 September 2001.

The Woolworth Group announced that it has continued its upward trend for the first six months of 2001 with its turnover reaching CYP 28.788.000 compared to CYP 26.782.000 the corresponding period last year, an increase of 7.5%

Consolidated operational profits, despite sharp competition noted, rose to CYP 2.056.000, an increase of 174%. The increase was particularly important and was based on the continuing reduction of operating expenses as a percentage on sales and to increased profits of commercial activities of the Group in all sectors. Pre-tax profits rose to CYP 2.776.000 despite the fact that profits from investments were down to CYP 720.000 compared to CYP 4.458.000 last year. After-tax profits attributable to shareholders were CYP 2.367.000.

By the completion of the commercial centre in Paphos, the operation of the new Woolworth Koroivos, of Super Home Center (DIY) and other activities, as of November of this year, operational profits of the Group for the whole 2001 are expected to double compared to last year. Within 2001 and 2002 efforts are being made for additional serious alliances and cooperations with other large groups which will further strengthen operations of the Group, increase turnover and in extent, profits.

According to the company, due to the nature of operations of the Woolworth Group, it is proven that always during the second six month period of the year, further increase of turnover of noted as well as profits. It is a known fact that international and local competition at all levels is becoming more intense and continuous, resulting in the compression not only the increase of sales but profit margins as well.
Friday, 28 September, 2001 - 12:43