Louis Group Reports First Half of 2011

Louis Group, which operates Louis Cruises, hotels, and also charters ships out, has released its first half metrics for 2011.

Revenue for the period, for the group, ending June 30, 2011, was 105 million euro, compared to 116 million euro last year.

Total loss for the period was just short of 29 million euro, compared to a loss of 19 million euro for 2010, although this year included 10.2 million euro payment to Genting Hong Kong over the Norwegian Dream dispute.

Louis stated: “Due to technical issues related to the ship …(Louis) proceeded to cancel the contract for the purchase του κρουαζιερόπλοιου M/V Norwegian Dream.of the cruise ship Norwegian Dream.”

By sector, shipping and other activities posted six-month revenues just over 75 million euro, compared to 88.5 million euro in 2010. Shipping sector activities lost 12 million euro, versus earnings of 1.3 million euro for the same period last year.

Louis Cruises revenues were down 14.5 percent, which the company attributed to less capacity.

The report noted Louis’ fleet renewal program, which led to a decrease in revenues for Louis Cruises, as the Aegean Pearl and Aquamarine have been sold and are no longer in the fleet.

“Furthermore, the Cristal was affected by the political αστάθειας στην Αίγυπτο, επηρέασε αρνητικά τα αποτελέσματα.instability in Egypt,” the report stated. Also negatively impacting cruise revenues was the “situation in Greece and intense competition in the Western Mediterranean,” as well as higher fuel prices and taxes in Piraeus.

For three months ended June 30, 2011, the group took in 75 million euro in revenues, compared to 85 million euro the previous year and posted a loss of 11 million euro, compared to earnings of 3 million euro in 2010.

Meanwhile, hotel sector revenue improvement in Greece was listed at 27.5 percent over 2010.


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