Libra reports lower H1 loss

Libra Holidays Group Public Ltd. (LHG) reported its first half results for the period ending April 30, 2005 which for the first time does not exclude the results of Excel Airways but including the results of Helios Airways.

Libra sold its stake in Excel Airways in March 2004 to Air Atlanta and subsequently purchased the Cyprus based privately owned Helios Airways. Its results incorporate the change.

Total sales fell in the first half to CYP 23.65 mln from CYP 39.24 mln, because of the Excel sale, which nevertheless was instrumental in reducing the gross loss to only CYP 524.000 from CYP 4.4 mln loss previously.

Operating losses before depreciation amounted to CYP 8.46 mln from CYP 11.19 mln, which a year ago also included CYP 5.88 mln in profits from sale of subsidiary.

With depreciation and finance costs sharply reduced following the sale of Excel, pretax losses fell sharply to CYP 11.5 mln from CYP 18.78 mln in the same a year ago.

Libra booked a positive tax of CYP 466.000 compared to a positive tax contribution of CYP 3.13 mln booked a year ago, with net after tax and minorities losses amounting to CYP 9.862.000 for the first half ending April 30, 2005 compared to a loss of CYP 12.510.000 booked a year ago in the same period.

Losses per share amounted to 18.6 cent from 23.6 cent.

Libra revealed that the total sales of Helios Airways during the first half amounted to CYP 9.3 mln.

In the balance sheet, Libra revealed that total cash holdings until end of April amounted to CYP 9.5 mln compared to CYP 17.7 mln end of October 2004 while debtor and receivable balances climbed to CYP 73.11 mln from CYP 44.7 mln, of which some CYP 12 mln referring to the sale of Excel was collected in June 2005.

Shareholders equity at the end of the first half was CYP 41.8 mln while total debt amounted to CYP 63.86 mln end of first half compared to CYP 66.88 mln debt at the end of the financial year-end.