ASBISc Q2 gross profit increases in 2015

Cyprus-based IT products distributor ASBISc Enterprises PLC’s increased its gross profit in the second quarter of 2015, indicating that measures it has taken to stem a run of losses caused by turbulence in Russia and Ukraine are beginning to take effect.

“The company’s directors believe the remainder of the year will be much improved,” the company said in a statement on the Cyprus Stock Exchange.

Gross profit in the second quarter of 2015 increased by 20.18% to €14.5mn from the first quarter compared with a 12.94% decrease in revenues over the same period. Gross profit fell by 58.36% in the second quarter compared with the same period of 2014.

“Although the company posted a net loss both in Q1 and Q2 2015, the Q2 loss was much lower due to the factthat a number of issues have already been fixed,” the statement said.

“This was achieved due to the significant decrease in expenses, focus on operations in Central and Eastern Europe and more precise and conservative stand on purchases,” it added.

ASBISc, which moved its headquarters to Limassol from Belarus in 1995, distributes IT components and finished products in Europe, the Middle East and Africa through a network of 31 warehouses in 24 countries. Its three master distribution centres are in the Czech Republic, the United Arab Emirates and China.

Source: InCyprus