28/02/2008 10:33
The profits of Louis slumped in 2007, affected by the loss of Sea Diamond and the increased taxation despite the additional revenues of €20.9 million from the sale of Hilton and Gerani. Its profits stood at €13.3 million against €23 million in 2006 and €17 million that the analysts of Egnatia expected. The EPS reached 2.06 cents against 5.06 cents last year.
This drop is attributable to the indirect losses from the loss of Sea Diamond in April, which stood at €17 million against €10.3 million that the company expected in June. In April, the Company had declared that it did not anticipate indirect losses from Sea Diamond because it was insured. The compensation amounted to $55 million.
The decline is also linked to the higher taxation, which stood at €3.4 million from €210 thousand in 2006 due to previous obligations. The drop in realized and unrealized exchange profit also contributed indirectly.
The Company believes that its results are not representative and anticipates that the results for 2008 will be better.
This drop is attributable to the indirect losses from the loss of Sea Diamond in April, which stood at €17 million against €10.3 million that the company expected in June. In April, the Company had declared that it did not anticipate indirect losses from Sea Diamond because it was insured. The compensation amounted to $55 million.
The decline is also linked to the higher taxation, which stood at €3.4 million from €210 thousand in 2006 due to previous obligations. The drop in realized and unrealized exchange profit also contributed indirectly.
The Company believes that its results are not representative and anticipates that the results for 2008 will be better.
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