Insider Business C. Loizou: It will be harder in 2019

C. Loizou: It will be harder in 2019

Louis Plc has recorded a significant increase in net profits but problems are still there because of a drop in tourism and the need for the group’s debt to go further down.

This is what Louis Plc Chairman Costakis Loizou told the group’s 20th Annual General Meeting in Nicosia last week.

The goal, he added, is to reduce the group’s debt so as to minimise liabilities and risks. Asked to be more specific, Loizou said there are no red loans and that the group’s overall debt to banks was down from some €500 million three years ago to €244 million today.

Regarding the hotel sector, Loizou said the group follows the international trend of hoteliers getting disengaged from hotel ownership and focusing instead on management. He then referred to the sale of the group’s shares in the five-star Cyprus Hilton, in the operation of Louis Paphos Breeze and the newly-constructed Louis Ivi Mare.

He also underlined the importance of the renovation of Nicosia’s Hilton Park at the overall cost of €7 million, followed by the renewal of the agreement with Hilton International so as to safeguard the 5-star rating.

As for Celestyal Cruises, Loizou said they recorded an 8% passenger increase in 2018.  And that for 2019, the season has been extended with the addition of two new routes as well. Announcing the new route from Venice to the Adriatic Sea as from 2020, Loizou said:  “We do hope that the hard days are over.”

Brexit repercussions

2019 prospects are not that rosy mainly because of Louis Hotels, he said.

“The uncertainty that comes with Brexit is expected to negatively affect the year’s results. There is already a decrease in bookings,” he added. Loizou then explained that the rising numbers in arrivals over the recent past year years were mainly due to the region’s geopolitical developments.

However, a serious problem for hoteliers is the increased number of tourists going to the occupied area of Cyprus for vacation. And another thorny issue is the non-licensed accommodation available on online platforms such as Airbnb, said Loizou who called on parliament to pass regulatory legislation.

 

Read more:

https://in-cyprus.com/the-brand-new-louis-ivi-mare-hotel-in-paphos-redefines-the-4lux-category/

Top Stories

Trump says protesters would have met ‘vicious dogs’ if White House fence breached

U.S. President Donald Trump on Saturday said demonstrators protesting the death of a black man who died after a white police officer knelt on...

Paphos: Police publish photos of stolen valuables

  Police have found jewellery, watches and other valuables in the possession of a 22 year old and a 15 year old who are under...

Protests flare around the United States over Minneapolis killing

Violent protests flared overnight in several U.S. cities as demonstrators vented their anger over the killing of George Floyd, a black man who died...

Just one new Covid-19 case on Saturday; total at 943

  One person has tested positive for coronavirus from a total of 2061 tests, the Health Ministry said on Saturday, bringing the total since the...

Paphos: 10 hotels to reopen in June

  Ten of the 57 hotels in the Paphos district are expected to reopen in June, the president of the Paphos branch of the Cyprus...

Taste

Local cuisine: An introduction

Rich in fresh ingredients and tasty herbs, offers the very best of Mediterranean culinary delights. Head out to a tavern and feast on a...

Spiced lamb with beetroot salad and scented yoghurt

Lay the lamb on a tray, skin side down. Rub with crushed garlic, sprinkle with spices and ground pistachios, wrap in plastic wrap and...

Easy seafood pasta with white wine sauce

Ingredients: 2-3 tbsp olive oil 1 garlic clove, chopped 2-3 tablespoons of whipped cream 1/3 cup white wine 300g spaghetti, roughly broken 300-400g of...

Traditional salads that will blow your mind away

This traditional salads will make you actually love salads! Cyprus may be famous for souvla and kleftiko but if you try the traditional salads with...