GREECE and Cyprus specialist Libra Holidays Group has
blamed massive losses on a change in its accounting methods and the fall out
from the September 11 terrorist attacks.
The group has revealed a net
loss of £18.5 million on sales of £237 million for the 13 months ending October
31 2001. Libra Holidays and Sky Holidays posted pre-tax losses of £6 million
but Excel Aviation and Excel Airways posted a pre-tax profit of £1.7 million.