KEO posts a €1.8m after tax loss in 2015

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.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.