Tourism woes hurt Lordos Hotels

A sharp decline in the occupancy of the Golden Bay Hotel in Larnaca forced Lordos Hotels Holdings (LHH) to report a massive loss for 2004, as total turnover fell by CYP 1.3 mln to CYP 3.8 mln for 2004 from CYP 5.2 mln in 2003.

Gross profits declined to CYP 1.6 mln from CYP 2.8 mln, and despite an attempt to cut costs, Lordos Hotels was forced to report an operating loss of CYP 99.715 for 2004 from CYP 2 mln profits a year ago.

With finance costs remaining stubbornly high at CYP 507.000, net after tax losses surged to CYP 526.581 for 2004 from a profit of CYP 269.335 in 2003. Losses per share surged to 1.51 cent from earnings of 0.77 cent a year earlier.