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CFI suffers losses

20/06/2011 12:49
The Cyprus Forest Industries are expected to suffer losses in the first half of 2011 against profits last year due to the recession in the construction industry and the increased cost.

According to an announcement released today, this is mostly attributable to the drop in the turnover due to the recession in the construction industry, which affects negatively the demand of the industrial timber products in the domestic market.

It is also linked to the increased cost of purchase of row material and energy, which pushes the cost of production up and the increased competition from imported goods.

In 2010, CFI enjoyed profits of €568.2 thousand against profits of €532.6 thousand in 2009.

In the six months of 2010, the Company’s profits stood at €371.8 thousand.