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Muskita profits fell 26.7% in 2008

19/02/2009 09:31
The net profits of Muskita Aluminium fell 26.7% in 2008. According to an announcement released today, te profit attributable to shareholders dropped to €7.8 million in 2008 (€10.7 million in 2007).

The results have been affected by the full amortization of goodwill of €2,996,286 of the investment in the subsidiary Universal Components Limited due to the negative economic conditions in the UK.

The operating profit before taxes and amortization of goodwill was €12,239,578 from €12,298,896 in 2007 (-1.3%).

The turnover fell 1.4% to €63.8 million from €64.7 million due to the drop in exports to Europe.

As for the prospects, the Board of Directors took into account the Company’s course so far and believes that its profitability will decline in 2009.

Additional purchase of MEBA Limassol shares

The Company also announced today the acquisition of the additional 62.58% of the share capital of M.E.B.A Limassol, while it already held 4.42%. M.E.B.A Limassol is actively involved in the possession, operation and administration of the central chemical and biological unit of the industrial sewage of A’ Limassol Industrial Area.

The acquisition price of the additional 62.58%, which will increase the Company’s stake to 67%, stands at €24,653.40 and was paid cash.