Tsokkos posts 1Q08 loss

A. Tsokkos Hotels Pcl (TSH.CY) reported a loss of EUR 4 mln for the first quarter of 2008 which showed a 72% year-on-year reduction compared to the previous year, but this was well expected since due to seasonality factors, hotels like Tsokkos report their worst performance in the first and last quarters of a year when occupancy rates decline.
Total revenue were up by 6.8% to EUR 2.2mln, whilst cost of sales advanced by 3.7% at EUR 2.4mln. An unrealised Forex translation loss of EUR 1.5mln compared to an unrealised Forex gain of EUR 44.000 in 1Q07 had a negative impact on the results. We note that due to TSH’s nature of business, there is a high degree of seasonality involved
with its revenues and profitability.