Woolworth (Cyprus) Properties PLC recorded a net loss after taxation of €4,870,389 for the year 2024, a major reversal from the profit posted in the previous year, according to audited financial statements approved by the board of directors on Monday, November 3.

The significant net loss represents a swing from the net profit of €255,416 recorded by the group in 2023.

This change was driven by two significant, one-off financial movements, the company explained in an announcement released on Tuesday.

Firstly, the results were negatively affected by €10 million due to the re-negotiation of the disposal value of the Aura project.

This valuation adjustment was necessary due to changes in economic conditions that occurred since December 2018.

Secondly, the loss was partially offset, as the 2024 results were positively affected by €7.1 million following the settlement of debts with a banking institution.

Despite the overall loss, the group saw its income from space usage rights and other services rise to €1,605,291 in 2024, up from €1,550,804 in 2023.

The announcement concluded by saying that the date of the company’s annual general meeting will be announced at a later stage.