In the first half of this year the group hotel and cruise Cyprus Louis recorded a net loss of 28.9 million euros on revenues of 104.9 million euros compared to a net loss of 19.2 million euros on revenues 115.6 million euros in the first half of last year. The operating loss was EUR 9.1 million compared to a deficit of 8.7 million euros in the first six months of last year.
Only in the cruise industry has been achieved a decrease of 14.5% of revenues, down from 88.5 million in the first half of 2010000000 to 75.7000000 in the first half of 2011, which was mainly determined by the exit fleet of two ships: the Aegean Pearl, which was sold in May 2010, and Aquamarine, sold last December. On this branch of activity also had a negative impact on the Greek economic crisis and political instability in Egypt as well as the strong competition in the western Mediterranean.The cruise division ended the first six months of this year with a deficit before tax of 22.4 million euro compared with -13.2 million euros in the first half of 2010. In the hotel business, revenue increased by 7.8% from 27.1 million to 29.2 million.
Louis said that, in order to improve its performance in the cruise industry, the group has committed to consulting firm PwC (PricewaterhouseCoopers) Miami drafting a strategic plan for a period of five years under which it was decided that the Louis Cruises cruise branch will focus its efforts in the eastern Mediterranean.
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