Pierides: Results down 18% in 2009

Pierides Holdings expects that its results for 2009 will drop 18%. According to an announcement released today, “this drop is attributable to the non-recurrent write off of €273,000 from the cost of investment in the subsidiary G.A.P. Cables Industry Limited, the balance sheet as at June 30, 2009 of which showed a negative capital of €235,523”.

In 2008, Pierides enjoyed profits of €503.6 thousand from €458.6 thousand in 2007.

Recently, it was announced that Evelthon Developments submitted a dissolution application of Pierides Holdings due to “alleged rents due”.

Pierides said that the application is ridiculous and unjustified and lodged an appeal.