Louis 9M profits surge

Louis Pcl released its 9M06 financial results posting an 18% YoY increase in revenue to CYP 152.6 mln (EUR 265.2 mln). Despite the hike in oil prices, EBITDAR was recorded at CYP 43.7 mln in 9M06 (EUR 76.1 mln), vs. CYP 34.7 mln in 9MH05 (EUR 60.8 mln) for an increase of 26.9% YoY, with margin improving by 170bps to 28.7%.

Group net profit in 9M06 had a positive impact by an FX related gain amounting to CYP 1.1 mln (EUR 2.0 mln) vs. an FX related loss in 9M05 amounting to CYP 1.8 mln (EUR 3.2 mln) associated with the weakening of the USD; we recall that in 9M05 a tax credit amount of CYP 2.9 mln (EUR 5.2 mln) helped the bottom line figure following changes in Greek tax law (vs zero in 9M06) against a minor tax credit in 9M06 of CYP 53k (EUR 92k).

Profit after minority interest improved significantly by 61.5% YoY to CYP 19.25 mln (EUR 33.46 mln) vs. CYP 11.9 mln (EUR 20.8 mln) recorded in the corresponding 2005 period. EPS improved to 4.55 cent or 7.91 euro cents.