Download (28Mb) - LSE Theses Online

increasing costs 31 . This is perhaps reflected in the considerable Iosses reported by
the division throughout the 1980's (see Table 4.4 below).
Table 4.5 Dairy Products Ind. (Division ofthe Cyprus Turkish Co-operative Central
Bank), profit & loss &. no. of employees, 1984-93
1984 1985 1986 1987 1988 1989 1990 1991 1992 1993
Net P&L in ths US$ -$80 -$30 -$360 -$190 -$40 -$60 $140 $110 $140 -$20
Employees* 115 101 99 45 35 92 95 93 104 105
»Employment ßgures include lemporary staff.
Source: Series of Interviews witli Gulhan Alp, Chief Accountant at the CTCCB, 21/4/95 - 11/8/95.
For most of the 1980s, there had also been substantial exports to London, mostly
through the (CTCCB 1 s) KOPEX subsidiary. Like Eti, the CTCCB had set up a
wholly owned subsidiary in its main overseas market. KOPEX's speciality was
imported Hellim (Halloumi) cheese for the London Cypriot market, but it also
marketed other products such as Sun Flower Oil. KOPEX set up as a UK registered,
limited liability company in 1983. It ceased Operations however in 1989 because of
mounting debts (see Table 4.6).
Table 4.6 Kopeks Ltd., final net
P &L in thousands of current US$
1987 1988
Net P&L in ths US$ -$20 -$20
Scurce: Series of interviews with Gulhan Alp, Chief Accountant at the
CTCCB, 21/4/95 - 11/8/95.
Another business failure, this time absorbed by the CTCCB, was Ayko (Shoes). As
production expanded, so its performance deteriorated further (see Table 4.7).
Established in Nicosia in 1972 as an individuai co-operative society, mounting
financial problems forced Ayko into being taken over by the CTCCB on 1 Aprii
1990. Its plant has not been upgraded since it was installed in the early 1970s,
which is partly why Ayko's products are restricted to the domestic and particularly
the locai (Turkish Cypriot) military market. In civilian production, competition
31 Interview with Gulhan Alp, op. cit.
184