Cyprus Mail

Louis posts €1.9m profit in H1, share resumes trading

Hotel and cruise ship operator Louis Plc said that it generated almost €1.9m in after tax profit in the first six months of 2016 compared to a net profit of €4.7m in the respective period of 2015.

The drop in the first half of 2016 is exclusively on a €4.7m profit from discontinued operations booked in the first half of 2015, Louis said in a statement on the website of the Cyprus Stock Exchange on Thursday. The earnings per share was €0.40.

Turnover in the first six months of 2016 rose to €30.1m compared to €26.8m in the respective period of 2015, against an increase of operating cost to €€19.2m from €18.7m respectively, the company said.

The company’s share which the Cyprus Securities and Exchange Committee suspended last month from trading citing the company’s failure to produce and publicise on time its earnings for 2015 and the first half of 2016, resumed trading on Wednesday and rose 7.7 per cent to €0.028.

Louis said that it expects a profit for the entire year of 2016 and its earnings “will show considerable improvement”.

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