30th Jul 2015 10:54
LONDON (Alliance News) - Dolphin Capital Investors Ltd Thursday said its investments performed well in the second quarter of its financial year and said it is taking action to mitigate any adverse effects on the business resulting from the Greek banking crisis.
Dolphin, which invests in and develops residential resorts in the Eastern Mediterranean, Caribbean and Central America, said that occupancy at its Amanzoe resort in Greece grew 51% in the quarter to June 30, versus 43% in the same period the year before, although it said that new reservations for the third quarter have been slower than expected.
The construction of the Amanera resort at Playa Grande Club & Reserve in the Dominican Republic continues on schedule, Dolphin said, with anticipated opening in December.
Dolphin said that cash as at June 30 was approximately EUR74 million, up from EUR31 million as at December 31.
"Following the successful recapitalisation of the company, the team has been implementing the refocused company strategy in a disciplined and methodical manner. At the same time we have been taking actions to mitigate any adverse effects of the Greek banking crisis on the operations and prospects of our Greek projects," Miltos Kambourides, founder of Dolphin and managing partner of Dolphin Capital Partners said.
"We are encouraged by the continuing strong growth of the underlying fundamentals of our business as the global luxury travel and lodging market is recording new highs and we will continue our efforts to unlock value for our shareholders," Kambourides added.
Shares in Dolphin were trading up 0.3% at 19.17 pence Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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