Cyprus Mail

Logicom nine-month profit up 6% to €7.6m

Telecommunications technology and software developer Logicom Public Ltd said that its net earnings attributable to shareholders in the first nine months of the year rose 6 per cent to almost €7.6m.

The improved profitability was mainly due to a stronger US dollar, which had an impact exceeding €0.5m on the company earnings, defying a 4.5 per cent drop, or €587.6m, in the first three quarters, the Nicosia-based company said in a statement on the website of the Cyprus Stock Exchange on Monday.

“Despite the current market conditions of uncertainty as a result of the financial instability, in certain regions in which the group is operating, prospects are good,” the company said, adding that it will continue its efforts to reduce operating costs and increase productivity.

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