Aqua Sol: Interim Management Statement
7/5/2009 9:27
The Group of AQUA SOL HOTELS PUBLIC COMPANY LTD announces the first interim management statement for the year 2009 covering the period from 1/1/2009 pursuant to Article 11 of the Transparency Requirements Law 2007 (N. 190(I) 2007), as follows:
The main activity of the Group remains to be the operation of freehold and leasehold hotels in Cyprus and Greece.
The results of the first six-month period of 2009 are expected to be lower than the expected results for the second half of the year due to the seasonal fluctuations in the tourist industry of the countries where the Group mainly operates (Cyprus, Greece). The peak season of tourism in these destinations is the second half of the year and improved results are anticipated during this period.
The results of the continuing worldwide financial crisis that began in year 2008 has negatively affected the tourist arrivals mainly from Great Britain which is the major tourist supplier for Cyprus. The Group makes efforts to recover this reduction by attracting tourists from other countries. Furthermore, following the wider policy followed by the hoteliers in Cyprus, we have to proceed in reductions in our selling prices in the next months, viewing to a recovery of tourism in Cyprus.
There were no further significant events and transactions during the period under review affecting the performance of the Group, except from the Group's ordinary activities.
Further analysis of the developments and the performance of the Group will be available with the announcement of the six-month results in August 2009.
The main activity of the Group remains to be the operation of freehold and leasehold hotels in Cyprus and Greece.
The results of the first six-month period of 2009 are expected to be lower than the expected results for the second half of the year due to the seasonal fluctuations in the tourist industry of the countries where the Group mainly operates (Cyprus, Greece). The peak season of tourism in these destinations is the second half of the year and improved results are anticipated during this period.
The results of the continuing worldwide financial crisis that began in year 2008 has negatively affected the tourist arrivals mainly from Great Britain which is the major tourist supplier for Cyprus. The Group makes efforts to recover this reduction by attracting tourists from other countries. Furthermore, following the wider policy followed by the hoteliers in Cyprus, we have to proceed in reductions in our selling prices in the next months, viewing to a recovery of tourism in Cyprus.
There were no further significant events and transactions during the period under review affecting the performance of the Group, except from the Group's ordinary activities.
Further analysis of the developments and the performance of the Group will be available with the announcement of the six-month results in August 2009.
