Cyprus Mail

Logicom says it expects higher profit in H1

Software developer Logicom said that it expects more profit from its operations in the first half of the year in which turnover remained more or less unchanged.

“Despite a drop in operating profit resulting from increased administrative expenses, as a result of the group’s expansion into new markets and the increase of its range of available products, there is a significant drop in interest paid and other related bank expenses,” Logicom said in a statement on the website of the Cyprus Stock Exchange on Thursday.

The increase in operating expenses was due to “increased staff and infrastructure expenditure,” the company said. Logicom posted an after tax profit of €5.4m in January to June 2015.

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