Press Release

Lampsa Hellenic Hotels SA turnover for the nine months of 2005 (1.1.2005 - 30.9.2005) in accordance with the International Financial Reporting Standards, presented an increase of 1,1% or 23, 3 Million Euro compared to 23 Million Euro for the first nine months of 2004. This resulted in EBITDA of 6,5 million Euro and pretax profits of 3,5 million Euro, a 2.3% increase against to the same period in 2004. Hotel occupancy increased by 35% compared to the same period last year. It is important to note that the 2004 period against which the 2005 results are compared to, includes the Olympic month of August during which the hotel experienced an unprecedented room average rate (ADR) and unusually high occupancy resulting in extraordinary income and profit retention. It is therefore remarkable to notice that the Hotel Grande Bretagne not only was able to maintain but on the contrary manage a small increase in a year which does not include a once in a life time event like the Olympic Games of 2004. Finally it is noteworthy to point out the company?s significant cash flow increase of 10.5 million in 2005 to 5.9 million over the same period in 2004. It should be noted that 2004 was the first full year of operations for the Hotel Grande Bretagne following an 18 month, 90 million Euro complete restoration which brought the hotel to the level of the best hotels in world. Despite the extraordinarily high cost of fixed asset depreciation and considerable interest costs the hotel was profitable in 2004 and as result on July 2005 the shareholders received a dividend for the first time in 15 years. The aforementioned results were published in the press on Wednesday November 30th, 2005.


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