Libra ends 9M in loss

Libra Holidays Group Pcl (LHG) reported a further deterioration in its results for the first nine months of 2006 with net loss increasing to CYP 7.81 mln attributed to shareholders from CYP 6.86 mln in the same period a year ago.

Including the CYP 1.36 mln in dividend paid to preference shareholders, then the nine month loss increases to CYP 9.17 mln. Total revenue during the first nine months of 2006 fell to CYP 61.15 mln from CYP 65.78 mln in 9M05, with the company blaming the decline on the air tragedy in August 2005 involving its Helios aircraft, which crashed off Athens killing all 121 on-board.

The loss of aircraft and reduced operations helped lower the airline costs to CYP 33.3 mln in 9M06 from CYP 38 mln in 9M05, but other costs involving the tourism operations continued higher to CYP 12.8 mln from CYP 11.2 mln.

The one bright spot in the results were the CYP 1.93 mln gains from the various holdings of the Group in the stock market compared to CYP 1.4 mln gains a year ago, which nevertheless could not help reduce operating losses as they jumped to CYP 6.9 mln from CYP 5.6 mln a year ago.

Finance costs on the loans took another CYP 3.25 mln, forcing net pretax loss to CYP 10.11 mln, while a positive tax of CYP 1.2 mln helped the net loss to CYP 8.85 mln from CYP 8.36 mln a year ago, of which CYP 7.81 mln were attributed to shareholders and CYP 1.04 mln to minority interests.

Loss per share jumped to 16 cent from 14.4 cent.

Shareholders funds’ meanwhile tumbled to CYP 7.92 mln from CYP 17.13 mln in 9M05 as accumulated losses took their toll. Book value according to Financial Mirror calculations is 14 cent, at the same level as the most recent price trading on the CSE’s Main Market.

Total debt was marginally lower at CYP 62.55 mln from CYP 64 mln end of October 2005, at a cost to the company between 5-7.5% in interest cost. Libra is also facing lawsuits related to the crash of the Helios Airways in August 2005.