Cyprus Louis posts 2009 loss on tourism downturn

Cypriot tourism group Louis PLC posted a 13.5 million euro net loss in 2009, paring a 31 million loss from a year earlier but still bearing the brunt of a global downturn impacting the island's tourism industry.The corporation, which operates cruises in the Mediterranean and hotels in Greece and Cyprus, said its turnover fell 2 per cent in 2009 to 267.6 million euros. It was the result of an 11 per cent decline in turnover in its hotel division, which was partly offset by a 2.0 per cent increase in cruise turnover, the company said in a bourse filing.

Tourism arrivals to Cyprus fell 10.9 percent in 2009, and revenue by 17 percent. The sector represents about 11 percent of the Cypriot economy. The company said it had taken measures to mitigate the risk of currency fluctuations by converting a large part of its dollar-denominated loans into euros and sterling, and secured steady prices for more than 50 percent of its fuel needs in 2010.