Cyprus Forest Industries Public Ltd Announces Unaudited Interim Management Statement for the First Quarter of 2016; Provides Earnings Guidance for the Year 2016
May 17, 2016 at 12:38 am IST
Cyprus Forest Industries Public Ltd. announced unaudited interim management statement for the first quarter of 2016. for the quarter, the company reported total losses of 324,601 compared 465,919 in the corresponding period of 2015. Total sales stood at 1,909,866 compared to 1,442,046 in the corresponding period of 2015 registering an increase of 32.44%. Loss attributable to the owners of the Company was 321.651 compared to 462.616 in the corresponding period of 2015 registering a decrease in loss of 140.965 or 30.47%.
The company continues to believe that the results for 2016 will improve compared to the corresponding period last year but will continue to be negative due to the recession in the construction industry.