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DEM: Crisis hits profits

12/01/2009 10:22
Demetra Investments expects losses in 2008 due to the course of the Cyprus Stock Exchange and other markets abroad. According to an announcement released today, “the results for 2008 are expected to show losses compared to the profits in the corresponding results of 2007”.

This loss is exclusively attributable to the drop in the value of the Company’s portfolio which is invested in stock exchanges due to the course of the stock markets in Cyprus and overseas.

Demetra, which had assets of €214 million in late September achieved profits of €38.1 million in 2007 against €74.3 million in 2006.

Its biggest investments were placed in the sector of land and property development in Cyprus (€30.6 million), in Romania (€21.2 million) and Bulgaria (€9.9 million).

The cash available stand at €60.2 million.

In late September, the property and the cash were 56% of its investment portfolio.