Golden Sun suffers £8.1 million loss

GOLDEN Sun has plunged into the red, blaming the war in Iraq and the absence of late bookings in September.

The Greece and Cyprus specialist lost £8.1million before tax for the 12 months to October 2003, compared with a profit of £203,000 in 2002.

The loss follows disappointing results from fellow eastern Mediterranean specialist Libra Holidays Group, which also blamed the Iraq conflict for a loss of £11.9 million for the same period following a profit of £3 million in 2002.

Golden Sun general manager Roger Cross said: “The majority of the loss is due to the conflict. It had a dramatic effect on bookings due to the timing of the war. The September late booking market did not really pick up either.”

Cross said he expected the operator to return to profit this year because of encouraging early bookings, extra demand created by the Olympic Games in Athens and the European football championships in Portugal this summer.

Cross said January bookings were 11% up on the same period last year.

“Bookings are good and we are looking forward to a positive year.”

Cross said the Portugal programme was performing well and could be extended.