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.