Business and Financial Review • Nov 8, 2013
Business and Financial Review
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TOP KINISIS TRAVEL PUBLIC LTD announces that at a meeting held on Friday November 8th 2013, its Board of Directors examined and approved the Interim Management Statement for the nine months to 30 September 2012, in accordance with the provisions of article 11 of the Transparency Requirements (Traded Securities in Regulated) Law 190(Ι)/2007.
The group's turnover during the first 9 months of the year amounted to € 23.700.000 compared to € 33.526.000 in the corresponding period of 2012 (a drop of 29,31%).
The group's turnover is analyzed as follows:
| TURNOVER | |||
|---|---|---|---|
| COUNTRY | 2013 | 2012 | DIFFERENCE |
| Cyprus | 23.300.000 | 32.254.000 | -27,76% |
| Greece | 190.000 | 732.000 | -74,04% |
| U.S.A. | 210.000 | 540.000 | -61,11% |
| TOTAL | 23.700.000 | 33.526.000 | -29,31% |
The valuation of the portfolio of shares held by the company as at 7 November 2013 shows an unrealised loss of € 10.800 from the beginning of the year.
The company has decided to suspend the operations of its subsidiary Kinisis Travel & Tours Inc. in the United States and the closure of its offices in New York. The decision is due to the continuing – for the past 2 years - losses of the subsidiary.
Lorenzo Sordini Group Financial Controller
CC: Cyprus Securities and Exchange Commission
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