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CTC profits up 22.4%

30/11/2007 10:29
The profits of Cyprus Trading Corporation for the first nine months of 2007 recorded an increase of 22.4% to £4,059,048 compared to £3,315,613 in the corresponding period of 2006. Its EPS stood at 0.59 cents against 0.36 cents last year. According to the announcement, this improvement is attributable to the ongoing increase in the turnover together with the increase in the share of profits from associated companies.

The turnover for the same period grew by 71.4% to £184,403,366 against £107,579,836 last year. All sectors of activities of CTC and its subsidiaries and associated companies increased.

The turnover of the Group includes the turnover of its subsidiary Ermes Department Stores Plc of £74,991,754 (€128,131,019) and that of FashionLink SA that stood at £1,264,934 (€2,161,268). They were not included in the results for 2006.

It is noted that according to the nine-month results, the Board of Directors and the Management of CTC believe that the final results will show improvement.