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.

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.