30th Jun 2015 12:56
LONDON (Alliance News) - Clear Leisure PLC Tuesday reported a narrowed pretax loss in 2014, although revenue declined and it said the Italian market remains unfavourable for the realisation of its major assets.
The Italian leisure and real estate investment company reported a pretax loss in 2014 of EUR3.1 million, down from the EUR7.3 million loss it made in 2013, although revenue fell to EUR70,000 from EUR1.3 million.
Clear Leisure said it is restructuring its holdings and working to reduce its debt position and overheads, as it continues to seek buyers for theme park Mediapolis and water park Sipiem/Ondaland. The leisure parks are its two major assets and it plans to sell them once their value is fully realised.
"The Italian economy continues to deteriorate, a situation that has been in evidence since 2009, but which has worsened more recently. There is currently no sign of any change in this trend in the short term and the market is still unfavourable for the realisation of the company's major assets," Clear Leisure said in a statement.
As at December 31, 2014, Clear Leisure had a net asset value of 7 pence per share.
Shares in Clear Leisure were trading down 3.8% at 1.01 pence Tuesday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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