Cyprus Mail
Business

Louis Plc posts a €5.2m loss in 2015, blames foreign exchange

By Stelios Orphanides

Cruise ship and hotel operator Louis Plc said it recorded an after tax loss of €5.2m in 2015, compared to a €513,000 loss in 2014, caused mainly by a foreign exchange loss of €5.1m.

The company saw its turnover rise 8.8 per cent last year to €259.6m compared to the year before, it said in a statement on the Cyprus Stock Exchange website. The increase came mainly from cruises, which contributed an additional €17.4m in 2015. The company also booked a €3.7m loss caused by the depreciation of its ships.

The overall contribution of cruises in the company’s operational profit in 2015 was €34.7m while that of hotels in Greece and Cyprus was €35m, after rising 2.1 per cent compared to 2014, Louis said. Profits were also affected by a €5m tax payment last year compared to a €2.9m tax return in 2014.

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