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Profits of €6.7m for Woolworth

23/02/2012 15:39
Woolworth announced on Thursday that its profits have dropped despite the increase in its revenues.

As announced today, the profits attributable to shareholders fell to €6.7 million from €8.8 million in 2010.

The income from ordinary activities rose 5.9% to €22.4 million from €22.2 million. It is noted that the income from fees for the lease of properties in 2010 include the non-recurrent sum of €1 million.

In its accounts, the Group shows loss of €1.1 million, which resulted from the termination of the sale agreement of part of the plot in Strovolos adjacent to The Mall of Cyprus due to the buyer’s weakness to meet his obligations while the results of 2010 include profit of €2.5 million from the sale of the specific plot.

The finance cost recorded an increase of €1.5 million due to the increase of interbank interest rates.

Woolworth has recognized a share of profit from the associated company Lakkos Mikellis Properties of €3.2 million.

It also made a provision for deferred taxation of €507 thousand.

As for its prospects, it expects a revenue increase in certain sectors due to the successful redevelopment of sites in The Mall of Cyprus. However, due to the financial crisis, the results for 2012 are expected to be satisfactory but lower compared to the corresponding results of 2011.