Libra hurt by Helios tragedy

Libra Holidays Group Pcl (LHG) issued a negative profit warning following Helios Airways’ aircraft crash on 14 August 2005. Helios Airways Ltd is a wholly owned subsidiary company of LHG.

The management of LHG will issue a more detailed statement concerning the impact on its financial statements at a later stage. LHG reported Net Losses before minority interest of CYP 11.1 mln for the first half.

LHG acquired 100% of the share capital of Helios Airways Ltd in November 2004 at a consideration price of CYP 1.9 mln of which the amount of CYP 1.48 mln was goodwill and now needs to be written-off completely or much faster than earlier anticipated.