Cyprus Mail
BusinessCyprus

Shacolas Group announces it has taken a hit

THE Shacolas Group, one of the largest employers in Cyprus, said yesterday the ongoing financial squeeze and the ‘haircut’ on bank deposits have taken their toll on its operations.

The group released the first-quarter financial results of two companies that are members of the conglomerate: Ermes – the leading retailer on the island – and Woolworth.

Ermes posted losses of €5m in Q1 this year, compared to losses of €4.4m for the corresponding quarter of 2012.

Turnover took a hit of 15.2 per cent, dropping to €39.4m from €46.5m. Net profits and other revenues fell from €15.1m to €12.5m, a decrease of 17.4 per cent.
The company said it has initiated talks with staff with a view to preserving as many jobs as possible.

Woolworth meanwhile posted Q1 profits of €86,000, compared to €805,000 in the last quarter of 2012. And operating profit dropped to €3.7m from €4.5m. Revenues from concessions and other earnings fell to €4.7m from €5.3m.

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