27/08/2015 11:10
The net losses of Louis PLC during the first half of the year have increased to €20,5 mn from €11,4 mn during the respective 2014 period.
The deterioration is primarily due to much higher unrealised exchange losses and taxation.
The unrealised exchange loss reached €5,9 mn from €1,9mn in 2014 H1 and is due to the devaluation of Euro compared to sterling as the company carries some debt in sterlings.
Taxation in 2014 H1 was negative by €5,6 mn (profit was positively affected) due to a reversal of provisions made because of changes in the tax rates in Greece. For 2015 H1 taxation stood at €0,33 mn.
Total income increased by 1,3% to €91,8 mn from €90,6 mn while operating expenses increased by 4,2% to €76,8 mn from €73,7 mn and hotel rental expenses by €1,9 mn.
As a result, operating losses stood in the first half of 2015 at €3,2 mn compared to €1,1 mn the corresponding period of 2014.
Regarding the group's prospects, it is noted that the results for the whole year 2015 will depend on the economic stability in Greece and the result of the ongoing negotiations for debt restructuring which are expected to be concluded by the end of this year.
As noted in the announcement, the group's operations during the first half are affected by seasonality factors as during the winter months most of its ships and hotels do not operate.
The deterioration is primarily due to much higher unrealised exchange losses and taxation.
The unrealised exchange loss reached €5,9 mn from €1,9mn in 2014 H1 and is due to the devaluation of Euro compared to sterling as the company carries some debt in sterlings.
Taxation in 2014 H1 was negative by €5,6 mn (profit was positively affected) due to a reversal of provisions made because of changes in the tax rates in Greece. For 2015 H1 taxation stood at €0,33 mn.
Total income increased by 1,3% to €91,8 mn from €90,6 mn while operating expenses increased by 4,2% to €76,8 mn from €73,7 mn and hotel rental expenses by €1,9 mn.
As a result, operating losses stood in the first half of 2015 at €3,2 mn compared to €1,1 mn the corresponding period of 2014.
Regarding the group's prospects, it is noted that the results for the whole year 2015 will depend on the economic stability in Greece and the result of the ongoing negotiations for debt restructuring which are expected to be concluded by the end of this year.
As noted in the announcement, the group's operations during the first half are affected by seasonality factors as during the winter months most of its ships and hotels do not operate.
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