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.