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Profits of €2m for Demetra

27/08/2012 09:20
Demetra Investments enjoyed profits in the first half of 2012. The company has half of its assets in cash and only few in equity.

Its profits reached €2.1 million against losses of €825.9 thousand in the corresponding period of 2011.

The losses from financial assets dropped to €194.4 thousand from €3.1 million last year.

The interests receivable and other finance income rose 27.4% to €2.6 million from €2 million due to the increase of interests from deposits.

The dividends receivable fell from €1 million to €190.5 thousand due to the drop in the portfolio invested in titles and due to the dividend policy of the listed companies.

The operating expenses showed a slight increase to €820.6 thousand from €793.2 thousand, while the finance cost increased from €123.6 thousand to €179.2 thousand.

The total assets stood at €150 million, €77 million of which are in cash and €57 million in properties.

As for its prospects, the results for 2012 will depend on the course of the stock market indices in Cyprus and abroad as well as the course of the property market in countries where the Group has invested.