At Louis Cruises, Executive Chairman Costakis Loizou has taken over as CEO, following the June 30 expiration of the employment contract of Stelios Kiliaris, who has left by mutual consent, according to a spokesperson.
Louis announced its first quarter results on May 29, posting a net loss of 28.7 million euros on revenues of 24.2 million euros, compared to a loss of 19.9 million euros on revenues of 16.3 million euros for the first quarter of last year.
In a prepared statement, Louis referred to the seasonality of its business with most of its vessels and hotels not operating during the winter months, and as a result, the company posts losses for the first quarter of each year, it said.
Based on the currently available information and without any unpredictable developments, said Louis said in its May 29 statement, the year-end results for 2009 are expected to show an improvement of those of 2008. Last year, Louis posted a loss of 30.8 million euros on revenues of 273.1 million euros, compared to net income of 13.3 million euros on revenues of 314.7 million euros in 2007. Louis attributed the loss in 2008 to exchange rate fluctuations between the U.S. dollar and the sterling pound against the euro, the sharp increase in fuel and commodity prices, as well as the world economic crisis.