Defence ministry presented loss as profit

Cyprus Mail reports:

AUDITOR General Chrystalla Yorkadji has highlighted high expenses, inconsistencies and disorganisation in the finances of the defence ministry and the National Guard in her 2010 annual report.
The National Guard officers’ club in Nicosia for example made a loss of about €537,000 despite claims of making a ‘profit’ of about €54,000, Yorkadji said in the report which was released on Tuesday.  

“That sum could hardly be called a ‘profit’ since the administrative expenses of the club, such as rent, wages, electricity, telephone and water were not calculated,” Yorkadji said.  Factoring those in, the club made a loss of over half a million euros, Yorkadji said adding that the bulk of it went to wages. 

And I thought I was bad with numbers …

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