Cyprus’s Louis narrows H1 net loss on cruise operations

Louis Plc, the largest tourism company in Greece and Cyprus, narrowed losses in the first half on increased sales after the company operated winter cruises. The net loss in the six months to June 30 narrowed to €19.2 million ($24.3 million) compared with a net loss of €19.7m in the year-earlier period, Nicosia-based Louis said today in a statement on the Cyprus Stock Exchange. The first half is historically non-profitable for Louis as most of its ships and hotels do not operate during the northern hemisphere winter. Louis said its vessel Louis Majesty operated cruises this winter in the western Mediterranean. Overall sales rose over 14 per cent to €115.6 million after a 24 per cent increase in revenue from cruise ship operations helped offset an 8.5 per cent fall in revenue from hotel operations. Sales from hotels in Greece fell 19 per cent. Louis said it expects to report a loss for the whole of 2010 that will be narrower than the loss of 2009.