Cyprus Mail
Business

KEO posts a €1.8m after tax loss in 2015

By Stelios Orphanides

Wine and beer producer KEO Ltd said that it generated a net loss of almost €1.8m in 2015 attributed mainly to the re-evaluation of immovable property.

In 2014, KEO posted a €2.6m net loss.

KEO’s turnover rose to €45.7m last year, from €43.8m the year before, the Limassol-based company said. Operating profit almost doubled to over €2m last year and was largely offset by the loss from the re-evaluation of immovable property of €2.3m, which also almost doubled last year.

The company’s financing costs dropped to €1.4m last year, from €1.7m in 2014, while the impairment on the value of its investment portfolio fell to €600,000, from €1.5m the year before, KEO said.

KEO, which is mainly owned by the Church of Cyprus, said that it aims at increasing its turnover and reduce cost in an attempt to improve profitability in 2016.

Related Posts

Pilides holds gas talks in Houston

Kyriacos Nicolaou

British supermarket chain Tesco facing pre-Christmas strikes

Reuters News Service

Turkish lira flirts with record low as Doha eyes trouble

Reuters News Service

Loan restructuring jumps 400 per cent in H1

George Psyllides

Deutsche Post CEO favourite to become Telekom chairman

Reuters News Service

Vivendi is open to discuss with Rome over state control on TIM’s network

Reuters News Service