Cyprus Mail
Business

Salamis posts a €5.7m profit in 2015, uncertain over 2016

The Salamis Filoxenia

By Stelios Orphanides

The logistics and cruise ship operating company Salamis Tours (Holding) Plc Ltd said that its after tax profit more than doubled in 2015 to €5.7m from €2.5m in 2014.

Last year’s improved profitability resulted from a 6 per cent increase in turnover from shipping and a drop in operating expenses combined with reduced borrowing costs, the Limassol-based company said in a statement on the Cyprus Stock Exchange’s website on Thursday. A favourable exchange rate also had an impact on profit, as did the sale of assets, company said.

Overall revenue rose last year 7.6 per cent to €36.5m, Salamis said.

“With respect to this year’s perspectives, the board of director believes by taking into account uncertainties in the wider financial environment in which the group operates, that any forecast is premature,” Salamis said.

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