Louis Q1 losses remain unchanged

Louis Public Company Ltd. (LUI) announced its first quarter 2005 results recording a net loss after minorities of CYP 5.21 mln compared to a loss of CYP 5.28 mln in the first quarter of 2004. Losses per share amounted to 1.23 cent vs. 1.25 cent in 2004.

Group revenue jumped 35% to CYP 15.42 mln from CYP 11.42 mln on the back of higher revenues from the cruises division. Operating losses after the deduction of total expenses of CYP 15.55 mln compared to CYP 12.16 mln a year ago in Q1 ‘04 were CYP 135.000 compared to CYP 729.000 a year ago.

This is natural to expect, since during the first quarter most of the group’s cruises and specifically the hotels are underutilised. Group net loss after minority interest marginally improved from CYP 5.28 mln in 1Q ‘04 to CYP 5.21 mln

The Group’s net figure was impacted from the positive contribution of a tax credit amounting to CYP 3.36 mln arising from the reduction in the effective tax rates in Greece, the negative contribution of higher unrealized losses from the translation of USD denominated loans to CYP to the tune of CYP 1.98 mln following the strengthening of the USD against the CYP and the negative impact of the increased participation of the Group in the losses reported by Louis Hotels. The Group’s participation in 1Q ’04 stood at 55% compared to 88% in 1Q ‘05.

Finance costs were also up at CYP 1.94 mln from CYP 1.42 mln while during the first quarter, the group booked realised exchange gains amounting to CYP 283.000.

Book value per share declined to 34.5 cent from 36 cent previously with the price to book at 0.62x.