Business and Financial Review • May 30, 2016
Business and Financial Review
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The Interim Management Statement of the Company and the Group for the period from 1 January 2016 to 30 May 2016, which has been examined and approved by the Board of Directors at its meeting on 30 May 2016, has not been audited by the Group's external auditors.
The unaudited Interim Management Statement for the above period has been prepared pursuant to Article 11 of the Transparency Requirements (Securities Admitted to Trading on a Regulated Market) Law of 190(I)/2007.
The Group's turnover for the first quarter of 2016 was €7.2 million compared to €8.1 million in the corresponding period of 2015, recording a decrease of 11.1%. The Group's gross profit was €2.7 million compared to €2.9 million in the corresponding period of 2015, recording a decrease of 6.9%.
The gross profit percentage was 37.6% compared to 35.3% in the corresponding period of last year recording an increase of 6.5%.
The Management estimates that, despite the stability trends, the present financial conditions prevailing in the market continue to be negative. The Management is positive that the efforts for positive profitability in 2016 will pay off.
MPT Secretarial Services Ltd Secretary
Nicosia, 30 May 2016
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