Tsokkos profits grow by 12.8%

The profits attributable to shareholders of Tsokkos Hotels in the first nine months of 2007 grew by 12.8% to £5,124,123 compared to £4,541,407 in the corresponding period of 2006. The EPS recorded an increase of 7.3% to 1.77 cents against 1.65 cents last year.

The net turnover stood at £22,058,164 compared to £16,091,396 in the corresponding period of 2006, recording an increase of 37%. This is mostly attributable to the inclusion of the results of the newly-acquired hotel units DOME HOTEL****, ILIADA BEACH HOTEL**** and ANTIGONI HOTEL*** in the results of the period, as well as the recognition of income from land development.

The gross profit from operations stood at £6,436,810 compared to £4,581,796 in the corresponding period of 2006, while the net finance cost amounted to £1,677,885 compared to £1,204,666 in the corresponding period of 2006. This increase is attributable to the new borrowing for the funding of the Group’s acquisitions.

The Board of Directors believes that the results are satisfactory.

Meanwhile, the Board of Directors decided to pay an interim dividend of 0.75 cents per share or 3.75% on the nominal value of the share for 2007.