CCC Tourist Enterprises Public Company Ltd presents the Interim Management Statement for the period from July 1, 2012 to date, which has been prepared pursuant to the provisions of article 11 of the Transparency Requirements Law 2007 (Ν190 (I)/2007).
Nature of activities
The main activities of the Group remain the same as in 2011 and focus on the construction and development of hotels, the promotion and development of the tourism and the tourist activities and the construction of luxury villas for sale.
During the period, the Group’s profits are lower than those of the corresponding period of 2011. For the period of reference, the Group’s turnover has recorded an increase. The operating expenses from the hotel activity have also increased, although not to the appropriate extent, because of the increase in exogenous factors (mainly energy / electricity cost). However, the results in the corresponding period of 2011 were better because they generated profits from the land development and the construction of luxury villas. We would like to note that although the Group shows profits in the period of reference, from January 1st until today it shows a net loss.
Events and transactions
The Group’s subsidiary, L ‘Union Nationale (Tourism & Sea Resorts) Ltd, proceeded to the establishment of L ‘Union Branded Residences, in which it holds 50%. This was incorporated in Cyprus on 7 October 2011 with the primary purpose of developing luxury residential real estate in a land next to Le Meridien Limassol Spa & Resort.
Developments and prospects
The Board of Directors and the Management believe that under the current circumstances and taking into account the global crisis, the results for 2012 might show fluctuations, which due to the uncertainties in the market, might be difficult to predict.
C.C.C. Secretarial Ltd
Limassol, 20th November 2012