Cyprus Forest Industries Public Ltd. reported unaudited group earnings results for the first nine months of 2015. The Group's results for the first nine months of 2015 show total losses of €1,287,795 compared to losses of €875,309 in the corresponding period of 2014. The main reasons of the negative results in the first nine months of 2015 with regard to the main activities of the Group are as follows: Decrease in turnover by approximately 4.97% compared to the corresponding period of last year due to the recession in the island's construction activity, which affects negatively the demand in industrial timber products in the domestic market and the unfavorable conditions in the Cypriot market.

Increased labour cost of €165,901. Labour cost for the first nine months of 2015 is increased by €165,901 compared to the corresponding period of 2014 due to the reinstatement of the five-day working week in 2015. Increased cost of raw materials.

The Group's total sales for the first nine months of 2015 stood at €4,349,728 compared to €4,577,429 in the corresponding period of 2014 registering a decrease of 4.97%. The loss from operations before finance costs for the first nine months of 2015 is €1,017,891 compared to €585,821 in the corresponding period of 2014, registering an increase of €432,070 or 73.75%. The loss attributable to the owners of the Company for the first nine months of 2015 is €1,286,815 compared to €861,386 in the corresponding period of 2014 registering an increase in loss of €425,429 or 49.39%.