25th Sep 2014 10:23
LONDON (Alliance News) - The Hotel Corp Thursday said its loss narrowed in the first half of the year as it cut administration expenses.
The company, which isn't earning any revenue, reported a net loss of GBP60,000 for the six months to end-June, compared with a loss of GBP88,000 a year earlier.
The Hotel Corp owns a 49.92% stake in UK Group of Hotels PLC, which has gone into administration. Hotel Corp has already written the investment down to zero in its books, and is now trying to keep its costs down whilst waiting to see what will happen with its investment. The administrators have so far said that UK Group of Hotels bondholders are not expected to see any return.
"In the circumstances, we expect to place recommendations regarding the future of The Hotel Corporation before shareholders once the administrator's final report is received," the company said in a statement.
Hotel Corp shares were down 4.9% at 0.975 pence Thursday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
HCP.L