Software developer Logicom Plc Ltd reported a 6.9 per cent increase in profit in January to March to well over €3m accompanied by 2.1 per cent drop in revenue to €197.9m.
The improved profitability was mainly the result of financing expenses which fell by €819,283 to €1.9m, the company said in a statement on the website of the Cyprus Stock Exchange on Friday.
The drop in revenue fell “mainly because of the financial instability in certain regions the group operates,” Logicom said.
Logicom added that most risks for the company are related to interest rates, exchange rates and liquidity. “Despite the current market situation of uncertainty because of the financial instability in areas the group operates and the uncertainty over the dollar exchange rate vis-à-vis the euro, profitability in the first half of the year is expected to improve,” the company said.
The price of the Logicom share at the exchange was traded at 14:30 at €0.751, which is 2.3 per cent below opening.