Cyprus Mail

Logicom H1 profit rises 8.8% to €5.6m

Software developer Logicom said that it generated in the first six months of 2016 an after tax profit attributable to the shareholders of less than €5.6m, 8.8 per cent more compared to the respective six-month period of 2015.

The company’s revenue from January to June dropped an annual 2.7 per cent to €394m mainly on a drop in demand caused by “financial instability” in areas it operates, the company said in a statement on the Cyprus Stock Exchange’s website on Tuesday.

“Despite existing market conditions of uncertainty caused by financial instability in certain regions in which the group operates, profitability in the first nine months of the year is expected to be improved,” Logicom said. “The effort of proportionally reducing operating expenses and increasing productivity will continue”.

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Source: Cyprus News Agency