Libra reports £18.5 million loss

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.