The Board of Directors of the Company met in Nicosia at the Company’s own premises on 1 August 2017. The directors had the opportunity to discuss and review the company’s latest position and recent activity and to approve the company’s audited financial results for the period ended 31/12/2016.
Present at the meeting were also representatives of the management of the two subsidiaries (VNIIstroydormash and Sokol) who presented to the Board the latest results and discussed the forecasts for the remainder or the year as well as the economic outlook for the investments in 2018. The Directors concluded that they were satisfied with the overall performance and thanked the management for the good work they are doing.
The directors also discussed operational matters with the company’s administration and accounting team. The company’s operational expenses were reviewed closely and the board noted that they were as expected and in line with the budget. The Directors further approved the budget for the remainder of the year without any changes and the payment of the provisional tax for the year.