Demetra stages massive rebound

Demetra Investments (DEM), Cyprus’ largest investment fund now diversifying into new investment opportunities staged a spectacular rebound in results, reporting CYP 14.33 mln in net profit for 2005, compared to a loss of CYP 10.5 mln in 2004 and losses of CYP 13.85 mln in 2003.

Earnings per share were 7.17 cent from a loss per share of 5.24 cent, while the net asset value improved by 17.3% to 48.67 cent end of 2005 from 41.50 cent end of 2004.

The rebound was due to higher dividend income from CSE listed companies, which saw dividend income up at CYP 1.23 mln from CYP 754.000 a year earlier as well as from a sharp rebound in equity prices, which contributed CYP 12 mln in investment gains compared to a loss of CYP 12 mln from investment activities in 2004.

With expenses under tight control, for 2005 total expenses amounted to CYP 664k from CYP 630k a year earlier, net after tax profit surged to CYP 14.335.741 from a loss of CYP 10.5 mln in 2004.