Tsokkos losses increase

A. Tsokkos Hotels (TSH) released its first quarter results posting a 30.4% year-on-year decrease in revenues to CYP 1.13 mln, primarily due to lower revenues received from local operations as fewer hotel units were operating in the period. Local revenues decreased significantly by 38.8% to CYP 937.000, whilst revenues from the Group’s operations in Egypt advanced by 95% to CYP 199.000.

Gross profit reached CYP 52.000, with gross profit margins improving to 4.6%. Pretax losses reached CYP 96.000 compared to a loss of CYP 133.000 in 1Q ‘04. Net Loss deteriorated to CYP 430.000 in 1Q ‘05 against a loss of CYP 246.000 a year ago. Losses per share was recorded at 0.17 cent per share against a loss of 0.09 cent per share in 1Q04.

During 1Q05, the Company’s bottom line was burdened by an unrealised forex related loss of CYP 167.000 against a gain of CYP 10.000 a year ago.