IONIAN HOTEL ENT.

First Quarter 2008 Results

In the first quarter of 2008, the company posted losses of Euro 184 thousands compared to losses of Euro 781 thousands last year. Earnings before interest, tax, depreciation and amortization (EBITDA) reached Euro 1.5 million compared to Euro 1.6 million, while turnover rose to Euro 8.9 million from Euro 9.2 million last year.