New Marathon Prel. Results 2000

During the Board meeting of New Marathon Tours Ltd. held on the 7 May 2001, the preliminary results of the company were examined and approved for the year ending 31 December 2000. The delay in publishing the results was due to the fact that in Romania where the company has two subsidiary companies, ONT Carpati and Airtour Carpati, the financial statements are prepared based on accounting standards of that country and not international standards and, secondly, in that country there are inflationary trends and it was not therefore possible to complete the control checks by the auditors of the group in time for the preparation of the preliminary results of the two companies based on international accounting standards.

Results of the group for the said year include results of the following subsidiaries from their date of acquisition:

New Marathon Aviation Ltd. (1.1.99)
Key Travel Service Ltd. (1.1.99)
New Marathon (Ship Management) Ltd. (19.2.00)
NMT Hotels Ltd. (9.3.00)
New Marship Agencies Ltd. (20.5.00)
Mirator Beach Ltd. (14.4.00)
Ilissos Holdings Ltd. (17.4.00)
New Marathon (QC) Ltd. (19.1.00)
Queen Calliopi Lines (1.11.00)
New Marathon SAL (Lebanon – 1.1.99)
New Marathon Tours EPE (Greece-18.12.97)
Tourist & Hotel Enterpris4s NM Greece EPE (Greece-21.3.00)
Airtour Carpati SRL (Romania 4.8.93)
ONT Carpati SA (Romania-14.3.00)
Sunrise Holdings Ltd. (UK-31.1.00)

Turnover of the group reached CYP 17.005.438 for the year 2000 compared to CYP 4.851.933 in 1999 with operational profits of CYP 2.491.328. Pre-tax profits were CYP 3.287.129 and after-tax profits CYP 2.710.891. Net profits attributable to shareholders were CYP 2.723.037 with earnings per share of 5.91 cents compared to 2.08 cents in 1999.