The weakness in sterling and the decline in tourism to Turkey have also hit the Glasgow-based business.
“Accordingly, profits for the current year will not meet market expectations,” said the group in a trading update.
However the business is continuing to pursue the development of a project on the Cavo Sidero peninsula in Crete, which will include a number of small to medium sized hotels “of extremely high standards”.
A court hearing of the appeals against the issue of the Presidential Decree remains scheduled for September 16 and Minoan is hopeful of a "positive decision".
