4th Sep 2013 10:19
LONDON (Alliance News) - The Hotel Corporation PLC said it reported no revenue in the first half of the year, and has deferred its dividend payment to shareholders until further notice.
The company which invests in businesses within the hotels sector in the UK said that it has not reported any revenue for the six months ending June 30, as it does not believe it will receive any, when taking into account administrative expenses.
Hotel Corp. said its net asset value per share as of June 30, is 1.41 pence, compared with 1.84 pence per share in the prior year. It also said that it continues to value its investment in Puma Hotels PLC at nil, and while it continues to invest in the company, it is focused on containing costs and maximising income.
The company reported an increase in its operating loss of GBP95,000 compared with an operating loss of GBP92,000 a year earlier. It reported a pretax loss of GBP88,000, compared to a loss of GBP86,000 in the prior year. The company also said that no tax is payable for the year, due to the zero income taxation provisions in the Isle of Man.
Hotel Corp. declared no interim dividend, same as last year.
The Hotel Corp. shares were amongst the biggest decliners mid-morning Wednesday, trading 15% lower at 2.80 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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