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ASTIR PALACE VOULIAGMENI S.A.
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Press Release
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November 30, 2007 Astir Palace Vouliagmeni S.A. announces third quarter revenues of Euro 23.3 mil, a 2.1% period on period improvement against revenues of Euro 22.8 mil for 2006. This evolution is driven by the significant increase of revenues per available room by 50.2% offsetting the reduction of the number of available rooms as hotel Aphrodite was not operational during 2007 due to its ongoing extensive renovation. Significant improvement is reported through third quarter 2007 earnings before interest, taxes, depreciation, amortization and reorganization costs of Euro 3.7 mil, showing a period on period increase of 14%. Net results for the year to date are reported at a loss of Euro 4.2 mil against a loss of Euro 9.6 mil for the respective 2006 period. It is noted that both periods results were impacted by reorganization costs.
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