CA ‘massive’ losses, BOC in bond issue
Cyprus Airways reported a sharp fall in earnings with a first half loss of nearly CYP 3 mln wiping out the year-earlier profits of 162,000, while Bank of Cyprus said it’s overseas convertible bond issue was a success, according to the issue 186, on November 6, 1996.
Cyprus Airways reported a sharp deterioration of its fortunes and reported losses of CYP 2.9 mln in the first half of the year, a major setback from the CYP 162,000 in profits it reported in the first half of 1995. Turnover was only slightly up at CYP 57.4 mln, but it was impacted by a drop in passenger numbers, driven by a rise in fuel costs and
the USD and GBP exchange rates.
Bank of Cyprus said its CYP 40 mln international convertible bond issue was 3.6 times oversubscribed, showing trust in Cyprus’ fundamentals, said Chairman Solon Triantafyllides. The bond carries an annual interest of 6.75%, seven year maturity and a conversion rate of CYP 3.97.
CCC Tourist Enterprises, owner and operator of the Le Meridien hotel in Limassol, saw its pre-tax losses rise in