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Forecasts for 11 “blue chips”

08/03/2005 05:30
The revenues and profitability of the Main Market companies and the banking profits are expected to show an increase in the next two years, analysts foresaw on Tuesday. CLR, Egnatia and Sharelink analysis departments told StockWatch exclusively that the forecasts for an improvement in the profitability are based on the preliminary results and will be revised after the announcement of the final results. The analyses cover the revenues, the profitability, the book value and the dividend policy.

According to the consensus estimates of the three companies, the recovery of the banks will continue in 2005. Analysts anticipate that the Bank of Cyprus will announce profits of £58,01 million (2004: £37.51 million) in 2005 and £71.61 million in 2006. Similarly, the Popular Bank is expected to show profits of £36.63 million in 2005 and £45.8 million in 2006 (2004: £21.1 million).

As for the Hellenic Bank, analysts believe that its loss-making performance will reverse and will show profits of £9.34 million in 2005 and £13.20 million in 2006.

The profitability of Vasiliko is expected to reach £5.93 million (2004: £5.02 million) and Zorpas £3.23 million (2004: £2.51 million).

Louis will continue its positive performance and will record profits of £11.75 million in 2005 and £13.65 million in 2006. Similarly, Muskita will increase its profitability from £4.95 million to £5.62 million in 2005, while Tsokkos is expected to remain at the same levels (£2.7 million). Lanitis will increase its profits to £1.65 million in 2005, Logicom to £1.91 million and Orphanides to £3.17 million.


One of the brokerages above believes that the Bank of Cyprus and the Popular Bank will grant an interim dividend in 2005. In 2006 the dividend will increase and the Hellenic Bank will return to its dividend-bearing performance.

The companies that are expected to grant a dividend in the next two years are: Muskita (4.07 cents in 2005 and 6.45 cents in 2006), Vasiliko (4 and 5 cents respectively), Zorpas (8.33 and 10 cents respectively), Logicom (0.47 cents in 2005), Louis (0.65 cents in 2005), Orphanides (0.75 cents), Tsokkos (0.5 cents) and Lanitis (0.3 cents).