Louis: Sale of m/v Coral ship
Louis plc announces that, finalizing the renewal plan of its fleet, its ship owner subsidiary company New Wave Navigation SA has sold its ship m/v “Coral”, the last scheduled to be sold.
From the sale, the Company generated accounting loss of €10.25 million but there will be a positive impact on its cash flow from the receipt of the sale price of US$2.3 million and a saving of mooring, maintenance and security expenses, estimated at €500,000 on an annual basis. Also, an annual sum of €1,700,000 will be saved in the profit and loss account for the depreciations of the ship. The aforementioned accounting loss will be included in the results 2013, however, it is not expected to change the previous forecasts for the year that the results for 2013 are expected to be significantly loss making but improved compared to 2012.
From the sale, the Company generated accounting loss of €10.25 million but there will be a positive impact on its cash flow from the receipt of the sale price of US$2.3 million and a saving of mooring, maintenance and security expenses, estimated at €500,000 on an annual basis. Also, an annual sum of €1,700,000 will be saved in the profit and loss account for the depreciations of the ship. The aforementioned accounting loss will be included in the results 2013, however, it is not expected to change the previous forecasts for the year that the results for 2013 are expected to be significantly loss making but improved compared to 2012.
