Helios disaster cost Libra CYP 5 mln

The tragic airline disaster of August 14, 2005 which resulted in the crashing of a Helios Airways aircraft close to Athens resulting in the death of 121 lives cost Libra Holidays Group Public Co. Ltd. (LHG), the owners of Helios at least CYP 5 mln.

LHG reported massive losses of CYP 23.69 mln for the financial year ending October 31 2005 compared to a profit of CYP 2.58 mln booked in the same period ending October 2004, of which CYP 5 mln in losses were blamed on Helios and CYP 18 mln in goodwill writeoffs that are not cash flow items.

Libra said turnover was up because of the acquisition of Helios, but following the airline disaster, the group decided to proceed with a major write-off of goodwill in the books amounting to CYP 18 mln. However, with respect to the CYP 5 mln Helios loss, Libra said it is contemplating to sue third parties and is in touch with its lawyers based in London.