Aqua Sol: Interim Management Statement
7/11/2008 9:29
The Board of Directors of the company AQUA SOL HOTELS PUBLIC COMPANY LTD announces that during the meeting which took place on Thursday 06/11/2008 at 15:00 p.m. at SUN HALL HOTEL Larnaca, have examined and approved the interim management statement for the period from 01/07/2008 pursuant to Article 11 of the Transparency Requirements Law 2007 (N. 190(I) 2007), as follows:
INTERIM MANAGEMENT STATEMENT
The main activity of the Group in 2008 remains the operation of hotels in Cyprus and Greece.
The Group's results for the period as from 1/7/2008 until today has been increased as compared to that of the first half of 2008 due to the fact that the second half of the year is the peak season of tourism in the destinations where the Group mainly operates (Cyprus and Greece). The Group's results for the above period from the hotel operating activities remained at about the same levels with those of the corresponding period of the previous year.
The recent worldwide financial crisis 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 mainly from Scandinavia, Germany and Russia.
In 2008 the Group continues its efforts to offer high standards of services in its hotels, to continue its co-operation with existing tour operators and to develop co-operation with new tour operators, to adopt policies to contain costs in the light of anticipated income and to retain its profitable units while at the same time to reduce the number of its non satisfactorily profitable or loss making units. In the context of the above strategy, the Group continues its efforts for the expansion of its operations in Greece.
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 annual indicative results in February 2009.
INTERIM MANAGEMENT STATEMENT
The main activity of the Group in 2008 remains the operation of hotels in Cyprus and Greece.
The Group's results for the period as from 1/7/2008 until today has been increased as compared to that of the first half of 2008 due to the fact that the second half of the year is the peak season of tourism in the destinations where the Group mainly operates (Cyprus and Greece). The Group's results for the above period from the hotel operating activities remained at about the same levels with those of the corresponding period of the previous year.
The recent worldwide financial crisis 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 mainly from Scandinavia, Germany and Russia.
In 2008 the Group continues its efforts to offer high standards of services in its hotels, to continue its co-operation with existing tour operators and to develop co-operation with new tour operators, to adopt policies to contain costs in the light of anticipated income and to retain its profitable units while at the same time to reduce the number of its non satisfactorily profitable or loss making units. In the context of the above strategy, the Group continues its efforts for the expansion of its operations in Greece.
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 annual indicative results in February 2009.
