Muskita Aluminium Cyprus profits dive 26.7% in 2008

Muskita Aluminium Industries (MAI) released its preliminary 2008 results with net profit declining 26.7% year-on-year to EUR 7.8 mln from EUR 10.68 mln in 2007 primarily because of the accelerated goodwill write off of the Company’s subsidiary ‘Universal Components’ amounting to EUR 2.99 mln. EPS was reported at 9.5 euro cents.
MAI’s sales fell by 1.4% yoy to EUR 63.8 mln in 2008 from EUR 64.7 mln in 2007 mainly due to lower European export sales, whilst EBIT was recorded 1.3% lower at EUR 12.2 mln.
The Board of Directors issued a dismal forecast for 2009, predicting that profitability will be lower than the 2008 performance.

Financial Mirror, February 19, 2009

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