Cyprus Forest Industries Public Ltd. announced unaudited interim management statement for the first quarter ended March 31, 2015. For the quarter, the company reported total losses of €465,919 compared to losses of €285,792 in the corresponding period of 2014. The main reasons of the negative results in the first quarter of 2015 with regard to the main activities of the Group are as follows: the decrease in the turnover by 13.35% compared to the corresponding period of 2014 due to the recession in the construction activity, which affects negatively the demand in the industrial timber products market in the domestic market and the unfavourable conditions in the Cypriot market; the increased labour cost of €31,036.  The labour cost for the first three months of 2015 is increased by €31,036 compared to the corresponding period of 2014 due to the reinstatement of the five working days in 2015; the increased finance cost; and the increased cost of raw materials. The total sales of the group stood at €1,442,046 compared to €1,664,155 in the corresponding period of 2014, recording a decrease of 13.35%. The loss from operations before finance cost for the period was €359,808 against €194,848 in the corresponding period of 2014, recording an increase of €164,960 or 84.66%. The loss attributable to the owners of the company for the period was €462,616 compared to €283,021 in the corresponding period of 2014, recording an increase of €179,595 or 63.46%.

The board of directors, based on current data, believes that the results for 2015 will be negative due to the recession in the construction activity and the economy in general.