ECONOMY

Exposure to Cyprus weighs heavily on Jumbo profits

Jumbo, Greece’s largest toy retailer, posted an annual 29 percent drop in net profit for the nine months to March 31, hurt by losses from Cyprus’s EU bailout.

The retailer, which is among Greece’s firms with the highest exposure in Cyprus, said on Wednesday that net profit fell to 48 million euros after it incurred a loss of about 19 million euros on its Cypriot deposits.

[Reuters]