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Cyprus News Agency: News in English, 12-02-29

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <http://www.cyna.org.cy>


CONTENTS

  • [01] Marfin Popular Bank sustains losses of 2.5 bn euro due to Greek

    ‘haircut’

  • [02] Loss of profits for Cyprus Airways in 2011

  • [01] Marfin Popular Bank sustains losses of 2.5 bn euro due to Greek ‘haircut’

    Preliminary results of Marfin Popular Bank (MPB) for 2011 show net losses of 2.5 billion euro due to the Greek government bond ‘haircut’ and increased provisions.

    A MPB press release issued here on Wednesday states that “full year results include 1.969 m. euro impairment against the Group’s Greek Government Bonds (GGB) holding”.

    The Group holds GGBs with a nominal value of 3.052 m. euro.

    Following the 2011 impairment provision as a result of the private sector involvement programme (PSI+), the GGBs carrying value has been impaired by 62% and now stands at 38% of their initial book value”, it is noted.

    Loan loss provisions amounted to 868 million euro in the fourth quarter of 2011 reaching 1,151 m. euro for the full year 2011, compared to 266 million euro in 2010.

    [02] Loss of profits for Cyprus Airways in 2011

    Cyprus Airways suffered a loss of profits of 19 million euro after tax, compared to a profit of 232 thousand euro in 2010.

    According to a press release issued here on Wednesday by the company, the Board of Directors approved the indication of results for 2011 on February 28.

    Total revenue of Cyprus Airways reached 212.4 million euro in 2011 compared to 236.3 million euro in 2010, registering a decrease of 23.9 million euro or 10.1%.

    “This considerable decrease in revenue was mainly attributed to the reduction in passenger and freight revenue, despite the improvement in yields”, the press release states.


    Cyprus News Agency: News in English Directory - Previous Article - Next Article
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