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IN BRIEF: Minoan annual loss widens as costs rise

28th Apr 2023 12:23

Minoan Group PLC - London-based Greek hotel investor - Pretax loss widens to GBP1.1 million for the year ended on October 31, from GBP749,000 the year before. Says this is due to increased loan interest charges. Operating costs rise to GBP541,000 from GBP511,000. Net assets as at October 31 increase to GBP42.7 million from GBP42.4 million a year earlier. Makes no revenue for the year. Adds that the continuing constructive discussions with the Public Welfare Ecclesiastical Foundation Panagia Akrotiriani are not impeding progress on the Itanos Gaia Project in Crete.

Chair Christopher Egleton says: "The company is now able to move forward with more certainty and we will continue our discussions with the Foundation while focusing on the Project commercialisation."

Current stock price: 1.02 pence each, up 1.9% on Friday morning in London

12-month change: down 18%

By Xindi Wei, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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