TOP KINISIS TRAVEL PUBLIC LTD announces the Interim Management Statement, pursuant to article 11 of the Transparency Requirements Law 190(I)/2007 on the information concerning the issuer, whose movable securities have been listed in a regulated market.
The main facts during the period are:
Sales
The Company’s sales in the first 9 months of the year were lower by 22%, while the corresponding drop in the number of passengers that travelled with our company stood at 9%.
The main reasons for this drop are:
- The global economic crisis that affected the Cypriot market.
- The H1N1 flu that affected trips during summer
- The significant decline in the price of air tickets and tourist packages.
Profitability
The Company’s profitability for the same period remained the same despite the significant decline in the turnover due to:
- The drop in operating expenses without a drop in the job posts.
- The profits that the Company enjoyed from the selling of shares (€120,000) and the evaluation of the portfolio until November 12, 2009 (€49,000).
- The proper management of the crisis, which reduced the loss of air seats on the chartered flights that the company had reserved during summer.
Development program
In the first 9 months of the year, the Company continued with its development program and proceeded with the following:
- Acquisition of Elijela Travel Ltd with a total cost of €60,000 and allocation of 80,000 shares to the sellers.
- Acquisition of 19.8% of the share capital of Skedasi IT Systems Ltd with a total cost of €104,743.
- Opening of the tenth branch in Platy, Aglantzia
- Procedures for the construction of self-owned offices in Limassol.
The main facts during the period are:
Sales
The Company’s sales in the first 9 months of the year were lower by 22%, while the corresponding drop in the number of passengers that travelled with our company stood at 9%.
The main reasons for this drop are:
- The global economic crisis that affected the Cypriot market.
- The H1N1 flu that affected trips during summer
- The significant decline in the price of air tickets and tourist packages.
Profitability
The Company’s profitability for the same period remained the same despite the significant decline in the turnover due to:
- The drop in operating expenses without a drop in the job posts.
- The profits that the Company enjoyed from the selling of shares (€120,000) and the evaluation of the portfolio until November 12, 2009 (€49,000).
- The proper management of the crisis, which reduced the loss of air seats on the chartered flights that the company had reserved during summer.
Development program
In the first 9 months of the year, the Company continued with its development program and proceeded with the following:
- Acquisition of Elijela Travel Ltd with a total cost of €60,000 and allocation of 80,000 shares to the sellers.
- Acquisition of 19.8% of the share capital of Skedasi IT Systems Ltd with a total cost of €104,743.
- Opening of the tenth branch in Platy, Aglantzia
- Procedures for the construction of self-owned offices in Limassol.
Friday, 13 November, 2009 - 10:16