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:

Top Stories

Access to Troodos controlled by Police

The Police announced that on the basis of the Health Ministry decrees aiming to contain the outbreak of the pandemic, tomorrow Sunday, access to...

129 new cases, four deaths announced on Saturday

The Health Ministry announced the death of four persons due to COVID-19. This raises the death toll from the virus in Cyprus to 183,...

Crowding at Troodos; lots of fines by police

Lots of traffic was today seen at Troodos. In order to maintain order but also to monitor that people respected the measures aiming to...

Where to get antigen rapid tests on Sunday 24 January

The Health Ministry announced the following antigen rapid test sites for Sunday, 24 January 2021:   LIMASSOL Parking place Lidl supermarket, Limassol 08:30-16:30 Glafkos Clerides Park, Germasoyia 08:30-16:30 Municipal...

Larry King dies at 87

Larry King dies at 87. Photo taken at his concert at Hard Rock Live in Hollywood, Florida on January 25, 2012. (Reuters)


Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...


No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...