Zorpas lifts 9M sales, but profits same

A. Zorpas & Sons Pcl (ZRP) reported a satisfactory 8.3% increase in sales during the first nine months of 2006 to CYP 24.22 mln (EUR 42 mln) from CYP 22.3 mln in the same period a year ago, but overall profits slipped mildly.

Gross profit was up at CYP 8.95 mln in 9M06 from CYP 8.5 mln in 9M05, but a 9.75% increase in total overheads, forced operating profits to decline to CYP 1.97 mln from CYP 2.14 mln a year ago.

Pretax profit were CYP 1.9 mln (EUR 3.29 mln) compared to CYP 2.07 mln a year ago while net profit attributable to shareholders amounted to CYP 1.77 mln or EUR 3.07 mln in 9M06 compared to CYP 1.87 mln EUR 3.24 mln in 9M05. EPS were 11.57 Cyprus pound cent or EUR 20 euro cent from 12.22 CYP cent a year ago.

An analysis of the results showed that in the third quarter (July-Sep), Zorpas managed to record a 5.17% increase in sales to CYP 8.8 mln compared to 3Q05 while net profit were up 28.5% to CYP 864k or EUR 1.5 mln.

Shareholders funds’ improved to CYP 13.11 mln or EUR 22.7 mln.