Libra reports sharply reduced losses for 2006

Libra Holidays Group Pcl (LHG) reported sharply reduced losses for the financial period ending October 31, 2006 with net loss for the period at CYP 17.87 mln or EUR 31.05 mln compared to a loss of CYP 35.5 mln or EUR 61.6 mln end of October in 2005.

Libra noted in an official announcement that the past two years have been a bad experience for the group, with Group results hampered by the tragic air disaster of Helios in August 2005, which eventually forced the group to terminate the air operations of its subsidiary, ajet, formerly Helios.

Libra CEO and Chairman Andreas Drakos promised shareholders that the Group will now look forward, concentrating on its travel and tour activities with hotel management contracts.

In the tour management and travel packages sector, Libra is reported to be looking for cooperation accords or deals with major tour operators from the UK to strengthen the Group’s flow of tourists from the UK.

Drakos is also reported to have said that in addition to that, the Libra Group has set up Libra Europe, which will concentrate on offering of tour packages from Russia and Poland.

In the hotels sector, efforts are underway to broaden the cooperation deal with Riu in the management of other hotels in Cyprus as well as in Greece. The Libra Group is already active in hotel management contracts in Egypt.

Libra Management believes that it will be able to overturn the negative situation evident during the past two years and from 2007 onwards, to begin from a fresh start for the benefit of all shareholders.