The Chairman of the Cyprus Tourism Organisation (CTO) told a House Finance Committee meeting discussing the CTO budget that the organisation intends to submit tough criteria on the classification of hotels as part of a plan to boost the island’s tourism product image. CTO Chairman Photis Photiou said the majority of hotels are worthy of

Share prices nose-dived on Tuesday by 3% amid intense nervousness with investors rushing to book their recent gains as sentiment in the market changed following steep losses recorded by the shares of BOC in Greece last week. BOC shares closed 2.8% lower on Tuesday at CYP 1.79 ahead of the announcement of results by the

Louis Cruise Lines is to resume it’s one-time popular itinerary to the Holy Lands after an absence of four years with four to five cruises planned for this year, Group Chairman Costakis Loizou said. The first of 3-day cruises will leave Limassol on Good Friday, April 29, in order for Greek Orthodox believers to celebrate

Astra Self Drive Cars (ACR) reported sharply reduced turnover during 2004 as a number of activities were terminated, forcing the company to remain in the red to the tune of CYP 3.3 mln. Turnover fell to CYP 6.25 mln from CYP 8.65 mln in 2003, of which CYP 1.46 mln was due to the termination

Chris Joannou (CJ) saw its net profits decline by 31% year-on-year to CYP 70.431 in 2004 from CYP 101.654 in 2003, despite an increase in total sales to CYP 4.86 mln from CYP 4.65 mln a year ago. Earnings per share, based on the preliminary 2004 results amounted to 0.69 cent from 1.01 cent in

Ellinas Finance (ELF) reported a massive increase in its net losses in 2004 to CYP 1.385.647 from CYP 310.026 in losses reported for 2003 on the back of reduced income and a sharp increase in provisions for bad debts, which climbed to CYP 1.88 mln from CYP 840.000 a year earlier.

Chris Joannou profits decline Chris Joannou (CJ) saw its net profits decline by 31% year-on-year to CYP 70.431 in 2004 from CYP 101.654 in 2003, despite an increase in total sales to CYP 4.86 mln from CYP 4.65 mln a year ago. Earnings per share, based on the preliminary 2004 results amounted to 0.69 cent