Libra posts lower first half loss

Libra Holidays Group Pcl (LHG) managed to reduce its first half loss for the period ending 30 April 2006. The Company reported a loss of CYP 7 mln compared to a loss of CYP 11.04 mln in the same period a year ago for a 36.6% improvement.

The improvement in LHG’s result, despite a 9% decrease in revenues to

CYP 21.55 mln, is primarily attributed to an improvement in gross loss (lower by 51.6% to CYP 2.1 mln), as cost of sales (including rentals) posted a significant decrease of 17.4% to CYP 19 mln.

Operating expenses were also contained by 7.5% to CYP 5.6 mln, while other income increased to CYP 1.8 mln (compared to CYP 700k in 1H04/05). Operating loss was recorded at CYP 5.9 mln compared to CYP 9.7 mln in 1H04/05. A positive tax contribution of CYP 1 mln compared to a positive tax amount of CYP 466k a year ago was also instrumental in helping the improvement.

Libra reported that the loss per share amounted to 11.6 cent from 18.8 cent previously. The company expects to achieve better results in 2006 compared to those of 2005, but it is still exposed to damages likely to arise from the Helios Airways air tragedy of last August.