CA ‘mas­sive’ losses, BOC in bond is­sue

Financial Mirror (Cyprus) - - FRONT PAGE -

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.

BOC bond:

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

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