ECONOMY

Jumbo to pay special dividend

Greece’s biggest toy retailer, Jumbo, on Monday posted an 11 percent rise in profit for its latest quarter and said it would pay out a special dividend on its strong results.

Jumbo, which has a market value of 1.4 billion euros, said that it had more cash than debt at the end of September and would pay a special gross dividend of 0.18 euros a share on undistributed profit from a previous year.

The company, which operates 53 stores in Greece and 17 stores in Cyprus, Bulgaria and Romania, reported net profit of 20 million euros in its first quarter that ends September 30, up from 18 million in the same period last year, citing double-digit growth in revenues in Cyprus and Bulgaria. A strong tourism season in Greece and the opening of two new stores in Romania earlier this year also boosted results, it added.

In a trading update last month, Jumbo announced an 11 percent rise in first-quarter sales to 145.5 million euros. [Reuters]