Cruise Sector boosts Tourism Results - The Best from Greece

Cruise Sector. Higher income from cruises in the key summer third quarter offset a fall in income from hotels.

Louis Plc, the largest tourism company in Cyprus and Greece, expects to considerably reduce losses in 2009

Pretax profit from cruise ship operations in the three months to September 30 jumped to 21.1 million euros ($31.5 million) from a loss of 5.1 million euros in the same period of 2008, with more than triple net income for the quarter to 36.5 million euros. “Louis’s results for the whole of 2009 are expected to show a loss, but a considerable improvement compared with 2008 mainly due to the cruise sector,” the company said in a statement yesterday on the Cyprus Stock Exchange.

The company operates 12 cruise ships out of Cyprus, Egypt, France, Greece, India and Italy. It posted a loss of 30.8 million euros in 2008. Pretax profit from the company’s 19 hotels in Cyprus and Greece in the third quarter fell to 15.5 million euros from 17.6 million euros.

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