Cyprus Company News

In the beginning of December, Hellenic Bank Group announced financial results for the three and nine-month period ended 30 September 2019. The financial results of the Cyprus Cooperative Bank, which was acquired by the Group in September 2018 and successfully integrated, are fully consolidated, while the consolidated financial results of the Group for 2018 capture only one-month’s impact of the acquisition. According to the published results, capital ratio is 19,04% and Capital adequacy ratio of 21,53%. Hellenic Bank Group showed robust liquidity position, with a Liquidity Coverage Ratio of 537%. Loans to deposits ratio is 41,5%, and substantial deposit base comprises 89,6% of the total balance sheet. In the third quarter of 2019, Group’s net interest income was €76,0 million, and profit after taxation was €30,2 million. For nine months, Hellenic Bank Group reported Earnings per share of 25,4 cents, and Tangible Net Asset Value per share of €2,45 as at 30 September 2019. It rema...

RUSAL , the leading global aluminium producer registered in Cyprus and headquartered in Russia, published its financial results for the third quarter and nine months ended 30 September 2019. For Q3 2019, due to the record low aluminium price on the London Stock Exchange, and the decrease in the realised premiums over the LME aluminium price revenue of the company for the period decreased by 14.8 per cent and made US$2,486mln as compared to US$2,918mln for the third quarter of 2018. In the nine months period, the company’s revenue decreased by 8.8 per cent, from US$7,915mln for Q3 2018 to US$7,222mln for Q3 2019. This was partially offset by a 9.8 per cent decrease in primary aluminium sales volume. In the third quarter of 2019, EBITDA decreased to US$237mln which is a decline of 64.9% from US$676mln for the same period of 2018. In the reported three months, RUSAL continued optimization of the cost and structure of its debt portfolio through successful placement of two tranches of ...