Insider Business CSE listed companies issue profit warning due to coronavirus

CSE listed companies issue profit warning due to coronavirus

As the coronavirus threatens corporate profits and economic growth, some Cyprus Stock Exchange listed companies have already issued profit warning announcements.

The epidemic is having a negative impact on Louis’ results this year, a company announcement said on Wednesday.  But the company is not yet in a position to assess the impact’s range and size. At the same time, it added, the company monitors and assesses developments both in Cyprus and internationally on a daily basis.

SFS investment firm also warned of a significant adverse economic impact on the company’s operations and activities from coronavirus.

A prolonged, and possibly invasive, coronavirus outbreak to hit the broader economy will inevitably have a medium-to-long-term negative impact on the company’s operations and activities. Something that it is not possible to measure at this moment, a company announcement said.

On the other hand, Sagittarius Investments has announced that, based on the current data no negative financial impact from the recent outbreak of coronavirus had been recorded.

Frou-Frou trading company informed that, based on the current data, its productive, commercial and operational activities have not been affected in any way by the coronavirus outbreak.

However, the group’s investment portfolio has been adversely affected due to the panic reported in financial markets. But the management believes this will be only temporary.

Mitsides company has said that its turnover was not adversely affected, and no significant impact on the group’s production process and supply chain has been recorded so far.

However, an uncontrolled spread of coronavirus would significantly increase risks that could have a negative impact on the group’s supply chain in the near future, it added.

Apart from predicting the consequences on financial  results, some companies are also making different moves. For example, Alfamega Supermarkets announced that hand antiseptics have been installed at all entrances and at several other locations, while trolleys are disinfected daily.

And that there is constant communication with suppliers for the continuous supply of products etc.

By Theano Theiopoulou


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