Tsokkos stays profitable

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A. Tsokkos Hotels Pcl (TSH) released its 2004 results posting a 2.6% increase in revenues to CYP 18.05 mln with income advancing by 2.6% amid higher local revenues associated with the opening of Tsokkos Paradise Village in late April 2004 and higher occupancy rates.

Gross Profit reached CYP 3.86 mln, up by 3.4% with gross profit margins improving from 21.2% in 2003 to 21.4%. Administration and management expenses decreased by 1.4% to CYP 602.000 and were recorded at 3.3% of total revenues against 3.4% in 2003, an indication of the Group’s cost containment efforts.

Depreciation charges increased by 10.3% to CYP 1.33 mln due to the commencement of operations of the Tsokkos Paradise Village, while net financing expenses dropped by 12.6% due to lower interest bearing

liabilities. During 2004, the Company incorporated an unrealised FX gain of CYP 577.000 against CYP 453.000 in 2003, while the share of profits from associated companies increased from CYP 364.000 in 2003 to CYP 414.000 for 2004.

Bottom line profitability for 2004 increased by 3.2% to CYP 2.7 mln, with net profit margins improving marginally to 15% (+10bps). EPS was recorded at 1.09 cent per share vs 1.06 cent per share in 2003.