27.09.2022
Cypriot company Louis Plc this week announced a significant increase in its operating income in the first half of 2022, reaching 32.5 million euros in this time compared to 6.2 million euros in the same period last year.
In the first half of the year, the company recorded a loss of 15.2 million euros, compared to a loss of 17.8 million euros in the first half of 2021, which means a positive deviation of 2.6 million euros.
The consolidated net loss for the first six months of 2022 was €14.2 million compared to a loss of €28 million for the corresponding period in 2021.
Last year’s losses were the result of an additional €10.8 million being billed as a direct result of discontinued or suspended cruises.
It should be noted that as of November 26, 2021, Celestyal is no longer a subsidiary of the company, but an associate of the Group.
As for the outlook for 2022, based on today’s data and financial forecasts, the group’s results for the traditionally more profitable second half of the year are expected to show a profit compared to losses in the corresponding period last year.
The results are expected to be loss-making throughout 2022, but reflect a significant improvement from the previous year.
According to a report by Cypriot analysts Ask WiRE, property prices and property rentals continued to rise in the second quarter of 2022.
“In Cyprus, quarterly sales values increased by 2.9% for apartments, 0.5% for houses and 0.1% for offices and decreased by 0.3% for retail and 0.2% for warehouses,” reads the company message. in your report.
The sales value of apartments and holiday homes increased by 2.2% and 0.6% compared to the previous quarter, respectively.
Feature elias main pic In 2018, dls embarked on the gigantic task of updating property values—both private and public—to better reflect their market value.
In addition, prices rose 6.3% year on year for apartments and 2.2% year on year for holiday apartments.
Conversely, home prices fell 0.8%, retail sales 3.1%, warehouses 5.6%, offices 2.4% and vacation homes 1.9%. .
“Larnaca stands out from other areas as apartment prices continue to rise for the fourth consecutive quarter,” the report notes, with prices rising 3.1% in the second quarter.
On a quarterly basis, rents grew by 6.6% for apartments, 5% for houses, 0.5% for warehouses and 1.6% for offices. Rental prices for commercial real estate remained stable.
Rental prices for apartments and holiday homes rose by 5.7% and 3.7% respectively.
On an annualized basis, rents increased by 10.9% for apartments, 9.1% for houses, 8% for vacation apartments and 6.7% for vacation homes.
Retail rentals were down 3.3% quarter-on-quarter, while warehouse and office rentals were down 3.4% and 2.6%, respectively.
The company noted that Famagusta stands out from other areas, as the cost of renting apartments increased significantly, increasing by 7.9% qoq in the second quarter of 2022, after rising by 3.4% in the fourth quarter of the previous year.
Pavlos Loizou, CEO of Ask WiRE, commented that “an influx of population due to immigration in the first half of 2022, the availability of loans for mortgages and pent-up demand over the past couple of years continue to drive home prices up. market as investors look for ways to generate income.”
“On the contrary, the changing landscape of the use of offices and the structure of Cypriot banks, which now have fewer employees and branches, as well as the transition to online shopping and the attractiveness of the newly opened shopping centers and other destinations in Nicosia and Larnaca, are having a significant impact on the office and retail market. ”, he added.
In addition, Loizou said that the headwinds faced by local households are slowing down demand for mortgages, while overseas demand is growing.
“We are still far from a return to stability as the landscape of the global economy and geopolitics continues to change,” Loizou concluded.
The Cyprus Stock Exchange (CSE) ended Monday, September 26th with a profit.
The overall Cypriot stock market index stood at 75.69 points at 13:26 during the day, reflecting an increase of 0.12% from the previous trading day.
The FTSE/CySE 20 index stood at 45.40 points, up 0.11%.
The total transaction value was 39,573 euros.
For sub-indices, the main, alternative and hotel indices rose by 0.12%, 0.04% and 0.28%, respectively. The investment companies index remained stable.
Bank of Cyprus (+0.37%), Cyprus Cement Company (no change), Pandora (+9.09%) and Petrolina (-0.96%) generated the highest investment interest.
