Cypriot firms expect to stay profitable

Businesses in Cyprus are expecting a further increase in energy and raw material costs in the next six months, factors already ranked by companies as the most important problem they are facing today, according to a survey conducted by CMRC Cypronetwork, in cooperation with and sponsored by the Federation of Employers and Industrialists (OEB).

Despite these estimates, 11% of companies expect their business profitability to increase over the next six months, while only 37% foresee their business profit heading south over the same period. 

It is also particularly striking that four out of 10 firms estimate that despite cost increases in the next six months, their profitability will remain unaffected.

The survey also reveals that despite the severe winter expected to hit the economy, Cypriot businesses are rather optimistic about the coming period. Among the most optimistic ones are those in the tourism sector. They, together with retail trade, were the majority of those businesses that showed an increase in profitability, compared to the previous period.

This quantitative survey was conducted in June and July this year on a sample of 252 businesses.