Aqua Sol: Profit Warning for final results 2005
9/2/2006 10:49
Pursuant to Cyprus Stock Exchange Regulations and for the best possible information of the shareholders of the company and investing public in general, the Board of Directors of the company AQUA SOL HOTELS LTD announces that the financial results of the company for the year 2005 are expected to be lower in comparison to the corresponding results of year 2004.
The reduction is due mainly to good will right off resulting from the adoption of Accounting Standard IFRS 3 and the reduction in the operating profits due to the current circumstances prevailing in the hotel industry. These circumstances have led to changes to the type of contracts entered into with tourist agents and the increase of basic operational costs.
The reduction is due mainly to good will right off resulting from the adoption of Accounting Standard IFRS 3 and the reduction in the operating profits due to the current circumstances prevailing in the hotel industry. These circumstances have led to changes to the type of contracts entered into with tourist agents and the increase of basic operational costs.
