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Louis plc: The sale of hotels will cover the losses

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Louis plc: The sale of hotels will cover the losses

Louis plc announces that the results of the Group for 2020 due to the pandemic, will present significant losses, which, however, are covered by the profit of € 84 million that resulted from the sale of five Louis Hotels hotels in Greece. With the current data and forecasts, the net result may of course fluctuate with the completion of the audit of the financial statements of the Group by the external auditors.

It is also noted that after the sale of the five hotels in January 2020, the Group immediately proceeded to a significant reduction of its loan obligations and at the same time maintained cash for future needs. It then took all appropriate measures to address the effects of the pandemic, including securing additional funding from the banks with which it cooperates. As a result of these actions, the cash is expected to cover the needs of the group for 2021. The Company will make a new announcement as soon as it has more specific and clear data for the results of 2020.

Source: www.philenews.com

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