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Farsons announces results for the first six months of the financial year 10/12/2005

The Farsons Group announced the Interim Financial Results for the first six months ending on 31 July 2005, which show that turnover reached Lm13,660,000 representing a marginal increase when compared to Lm13,501,000 for the same period last year. Profit attributable to shareholders decreased from Lm592,000 to Lm207,000.

Commenting on the key factors affecting the trading results during the period under review, Mr Louis Farrugia, Group Chief Executive referred to a lower demand for the Group’s beverage products due to lower economic activity in the tourist trade as well as below average temperatures prevailing in  the  key summer months. He also said that there was an increase in turnover and operating profit of Quintano Foods Ltd that was acquired in April 2004. There were also continuing losses, amounting to Lm202,000 in subsidiary companies, Guido Vella Ltd, Vita Sana Srl and Galleria Developments Ltd., besides a lower incidence of fair value gains on investment property of  Lm 104,000. 

The Farsons Group is anticipating that beverage sales in the second half of the year will recover to last year’s level and whilst continuing to address the issues relating to the loss making companies, it believes that its strategies will be successful in the short to medium term.

“Whilst the general economic outlook for the Maltese economy remains difficult, the Board of Directors is confident that the Group is well placed to face the challenging times ahead,” concluded Mr Farrugia.