Leptos Calypso Hotels' turnover and why it expects better results for 2024

The turnover of Leptos Calypso Hotels Public Limited increased during the first half of 2024, reaching €11.7 million compared to €10.1 million during the corresponding period of 2023, due to higher occupancy at the complex's hotels.

Given that the results of the first six months of the year are not representative for the entire year, since the largest volume of hotel operations is carried out during the main tourist season, which falls in the second half of the complex's accounting year, the increased turnover of Leptos Calypso Hotels can also be characterised as a good warm-up for the results of the second half, which are expected to be announced shortly.

The loss after tax

During the first half of 2024, the company’s loss after tax amounted to €1.67 million compared to a loss of €2.65 million in the corresponding period last year. The decrease in the loss is mainly due to the increase in income and the decrease in financial expenses.

The group's net asset value, i.e. the total equity (after deducting the interest of the non-controlling interest), amounts to €64.2 million (2023: €65.8 million).

At the same time, the group's earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 156% for the period and amounted to €1,177,041 (2023: €460,490).

The problems

According to the unaudited condensed interim consolidated financial statements of Leptos Calypso Hotels – the main activities of which are the ownership and management of hotels and tourist accommodations in Cyprus and Greece - total arrivals in the first half of 2024 were at approximately the same levels as last year, but with more visitors using non-hotel accommodations, compared to the first half of 2023.

"Unfortunately, cost increases remained at high levels, such as energy, food chain and personnel costs. It should be noted that the latest interest rate increases are having a major negative impact on the Group's results."

"Management has adjusted hotel accommodation prices upwards to reflect increased costs, and has taken successful actions to improve hotel prices and occupancy," the company says.

Expects improved results

Although the company cannot accurately predict the year's results due to general uncertainty, operating profit results are expected to be improved compared to 2023, it adds.

The main areas of activity

The company's main areas of activity are hotel activities in Cyprus, which include the Coral Beach Hotel & Resort and Thalassa Coral Bay hotels in Paphos, the activities of the subsidiary Vesta Tourist Management Limited, which rents and manages tourist accommodation in Paphos, the hotel activities in Greece, which include the Panorama Hotel, of the indirectly subsidiary Karkavatsos & Co. Tourist Enterprises S.A., in Chania, and land ownership - including investments in real estate.

(Source: InBusinessNews)