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Profits down for Mall of Cyprus, losses at Mall of Engomi

Mall of Cyprus and Mall of Engomi had a negative first half of the year, with one seeing its profits drop year on year, and the latter counting even higher losses.

All this despite both malls having increased their revenue, according to their interim financial reports that were announced on the Cyprus Stock Exchange.

Reduced profit for Mall of Cyprus

Mall of Cyprus said that its revenue increased to €10m in the first half of 2023, compared with €8.93m in the same period last year. Its operating profit was €6.3m (€4.87m in H1 last year).

Mall of Cyprus’ net profit after tax was €3.69m, in comparison to €4.87m in the first half of 2022.

On 30 June 2023, the company’s total assets were at €228,509,221, reduced from €121,264,758 last year.

Mall of Engomi increases its losses

Mall of Engomi’s revenue in the first half of the year increased to €1.95m from €180m on 30 June 2022.

Its operating profit reached €415,903 compared to €801,649 in H1 last year. Its losses after tax reached €317,268, from €260,399 in the first half of 2022.

On 30 June 2023, Mall of Engomi’s total assets were calculated at €43,426,686 (€44,307,073 in December 2022) while its new net assets were €13,582,077 compared to €13,899,345 at end-2022.

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