Bloomberg News

Louis Posts 9-Month Loss of $7 Million on Cruise Ship Settlement

November 25, 2011

Nov. 25 (Bloomberg) -- Louis Plc, the largest tourism company in Greece and Cyprus, posted a 5 million-euro ($6.7 million) loss in the first nine months of 2011, compared with a 7.8 million-euro profit for the same period a year earlier.

The loss reflects a 10.4 million-euro settlement for the cruise ship Norwegian Dream, the Nicosia-based company said in a statement today. Revenue fell 6.9 percent to 213 million euros in the nine-month period.

“Out of the overall amount for the settlement, 3.5 million euros has been already paid and the rest will be paid within 3- 1/2 years,” the company said.

--Editors: Tim Farrand, Peter Woodifield

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


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