Louis Has Wider Full-Year Loss as Reduces Value of Cruise Ships

Louis Plc, the largest tourism company in Greece and Cyprus, reported increased losses for last year after reducing the value of two cruise ships.

Louis posted a loss of 60.9 million euros ($82 million) for 2011 compared with 10.2 million euros a year earlier. Sales fell 10 percent to 247.5 million euros.

“The reduction of the value of two cruise ships negatively affected 2011 earnings by 25.4 million euros,” the company said today in a statement on the website of the Cyprus Stock Exchange. “A 8.9 million euros provision for a bad debt in relation to the sale of the ship Aegean Pearl in 2010 was also made.”

The company’s cruise unit Louis Cruises will focus on the east Mediterranean and seek to further restructure its fleet, the company said.

To contact the reporter on this story: Stelios Orphanides in Nicosia at sorphanides@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.