The Louis Group said it recorded a €2.9 million net profit in the first nine months of the year, boosted by its cruise operations, which chalked a 6 per cent rise.
The last time the company announced profits was in 2010.
The overall improvement, compared with the respective period last year, which saw a net loss of €8.5 million, came from a relatively small increase – 4.5 per cent — in the group’s turnover.
“The net profit attributable to shareholders recorded a total increase of €11.4 million,” the company said. “Reversing last year’s results and recording a net profit of €2.9 million this year confirms that the company is on the right path,” Louis said.
The rise was mainly recorded by its cruise arm — through an increase in charters and sales of cruises departing from the port of Piraeus, Greece.
Louis Hotels managed a smaller increase of 3 per cent because four of its hotels were closed for renovation in the first months of the year, the company said.
It warned however that due to the seasonal nature of tourism, its fourth quarter results were expected to have a negative impact on its bottom line at the end of the year.
Louis said its operating profit in the first nine months of the year rose to €51.2 million or 40.3 per cent, compared with €36.5 million in 2012.
The company’s turnover reached €172.7 million from €165.4 million last year.
“At a time when both the Cypriot and Greek economies are faced with serious problems due to the protracted economic crisis, tourism … constitutes the driving force since it is one of the few remaining activities that can reverse the current negative climate and contribute decisively in restarting the economy,” the company said.