17/11/2014 12:44
There are three reasons that led GAP Vassilopoulos to positive results, according to an announcement released today.
According to the interim management statement, the results for the period have been affected positively by the improvement and expansion of logistics to all sectors, the reduction of costs and the positive contribution from investment in Otero calculated with the equity accounting method.
“The management of the Company with the successful implementation of the measures to reduce costs and the optimization and expansion of Logistics services has minimized the negative effects of the Eurogroup in March 2013 and the subsequent contraction of the Cyprus economy”.
As for the prospects, the Board of Directors, after examining the Company’s course and prospects, believes that the results for the second half of 2014 will be lower compared to those of the corresponding period of 2013 due to the fact that the administrative expenses for 2014 include the costs for the expansion of activities for the representation of Western Union to Israel.
“The main objectives of the Board of Directors are to develop and strengthen its activities abroad, as well as to maintain and strengthen its leading position in the key sectors of activity particularly in Logistics in the Cypriot market. The sector of Logistics and transport is still the most significant contribution to the Group's revenues”, the announcement added.
In 2013, the company announced losses of €776.4 thousand against profits of €55.6 thousand in 2013.
In the first half of 2014, its losses stood at €536 thousand.
According to the interim management statement, the results for the period have been affected positively by the improvement and expansion of logistics to all sectors, the reduction of costs and the positive contribution from investment in Otero calculated with the equity accounting method.
“The management of the Company with the successful implementation of the measures to reduce costs and the optimization and expansion of Logistics services has minimized the negative effects of the Eurogroup in March 2013 and the subsequent contraction of the Cyprus economy”.
As for the prospects, the Board of Directors, after examining the Company’s course and prospects, believes that the results for the second half of 2014 will be lower compared to those of the corresponding period of 2013 due to the fact that the administrative expenses for 2014 include the costs for the expansion of activities for the representation of Western Union to Israel.
“The main objectives of the Board of Directors are to develop and strengthen its activities abroad, as well as to maintain and strengthen its leading position in the key sectors of activity particularly in Logistics in the Cypriot market. The sector of Logistics and transport is still the most significant contribution to the Group's revenues”, the announcement added.
In 2013, the company announced losses of €776.4 thousand against profits of €55.6 thousand in 2013.
In the first half of 2014, its losses stood at €536 thousand.
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