Cyprus Forest Industries Public Ltd Reports Interim Management Statement for the First Quarter Ended March 31, 2014; Provides Earnings Guidance for the Year 2014
May 16, 2014 at 12:33 am IST
Cyprus Forest Industries Public Ltd. reported Interim Management Statement for the first quarter ended March 31, 2014. For the quarter, the company reported total losses of 285.792 compared to losses of 749.221 in the corresponding period of 2013. The losses for the period ended March 31, 2014 are lower than those of the corresponding period of 2013 due to the lower cost of sales, the drop in administrative and selling expenses and the elimination of losses from the evaluation of financial assets available for sale. During the first three months of 2014, a profit of 688 was recognized in the profit and loss compared to a loss of 259.125 in the corresponding period of 2013 from the revaluation of financial assets available for sale. The total sales of the Group for the first three months of 2014 stood at 1.664.155 compared to 1.635.722 in the corresponding period of 2013, recording an increase of 1.74%. The loss from operations before finance cost for the period was 286.480 against 490.096 in the corresponding period of 2013, recording a decrease of 203.616 or 41.55%. The loss attributable to the owners of the company for the period was 283.021 compared to 746.169 in the corresponding period of 2013. There were no other revenues, profits or losses from non-recurrent activities and/or activities that do not fall under the main activities of the Group in the first three months of 2014.
The Board of Directors believes that the prospects for 2014 will be negative due to the recession in the construction industry and the economy in general.