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Demetra: Losses due to HB

17/11/2014 14:42
Demetra Investments shows increased losses compared to last year.

According to its Interim Management Statement, the losses emerge from unrealized losses in the Group’s portfolio in investments on the Cyprus Stock Exchange and mostly from the investment in Hellenic Bank Public Company Ltd, in which the Company holds more than 10% of its share capital.

The price of Hellenic Bank dropped from 8.4 cents on December 31, 2013 to 5.3 cents on November 16, 2014.

It is reminded that in November 2013 the Company investment the sum of €20 million in Hellenic Bank, acquiring 400 million shares against 5 cents each, according to the announcement.

As for the prospects, “the recent developments in Cyprus, with the uncertainty in the banking system and the economy in general, are expected to affect the future results and the financial position of the Group to an extent that cannot be determined. The depth and time of this financial crisis cannot be predicted. As a result, the Board of Directors, under certain circumstances, is not in the position to draw safe conclusions on the results for 2014”.

In 2013, the company announced profits of €8.3 million against losses of €3.4 million in 2012.