24/02/2016 13:31
Lordos Hotels Public Ltd announced a small decrease in its annual profit in FY15 but expects higher profit this year.
The company’s profit fell to €593,9 thousand compared to profit of €631,4 thousand in 2014.
The company’s turnover increased by €381 thousand or 3,8% reaching €10,4 mn from €10,1 mn. This is mainly due to increased bookings at Golden Bay hotel.
The cost of sales recorded a 4.8% or €260 thousand increase reaching €5,7 mn from €5,4 mn due to the increase in turnover. The cost to turnover ratio of 54.4% is close to the previous year’s 53.9%.
Mixed profit increased by €121 thousand reaching €4,8 mn.
Administrative and distribution expenses remained close to 2014 levels. Other operational expenses increased by €161 thousand or 14.9% and reached €1,2 mn from €1,1 mn in 2014.
The rise is mainly attributed to increased expenses associated with hotel maintenance and renovations that stood at €266,6 thousand. (2014: €143,1 thousand).
According to the company, financing costs fell by €58 thousand or 19,9%, to €235,1 thousand, due to the reduction in borrowing and interest rate cuts.
The company also notes that prospects for 2016 are good, based on the current situation, while profitability is expected to increase compared to 2015.
The company’s profit fell to €593,9 thousand compared to profit of €631,4 thousand in 2014.
The company’s turnover increased by €381 thousand or 3,8% reaching €10,4 mn from €10,1 mn. This is mainly due to increased bookings at Golden Bay hotel.
The cost of sales recorded a 4.8% or €260 thousand increase reaching €5,7 mn from €5,4 mn due to the increase in turnover. The cost to turnover ratio of 54.4% is close to the previous year’s 53.9%.
Mixed profit increased by €121 thousand reaching €4,8 mn.
Administrative and distribution expenses remained close to 2014 levels. Other operational expenses increased by €161 thousand or 14.9% and reached €1,2 mn from €1,1 mn in 2014.
The rise is mainly attributed to increased expenses associated with hotel maintenance and renovations that stood at €266,6 thousand. (2014: €143,1 thousand).
According to the company, financing costs fell by €58 thousand or 19,9%, to €235,1 thousand, due to the reduction in borrowing and interest rate cuts.
The company also notes that prospects for 2016 are good, based on the current situation, while profitability is expected to increase compared to 2015.
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