8th Apr 2019 09:54
LONDON (Alliance News) - Minoan Group PLC on Monday said its loss widened in its most recently ended financial year as it focuses on progressing its resort development in Greece.
Minoan reported a pretax loss of GBP3.0 million for the year to the end of October 2018 compared to a loss of GBP2.5 million the year earlier. It did not generated any revenue in either year.
Minoan explained that widened loss primarily reflects the net loss on the sale of its travel & leisure arm Stewart Travel Ltd in the amount of GBP1.6 million, which itself arose largely as a result of increases in finance and other costs attributable to its loan from Hillside and the delayed sale.
The company noted however that corporate development costs fell sharply in the year to GBP92,000 from GBP504,000 a year prior.
Minoan is now working on the development of 6,000 acre plot in Crete, with 28 kilometres of coastline and consent for a "complex resort" project, comprising up to 108,000 square metres of built space.
"There is now clear evidence of price increases in the Greek property market and increased activity and confidence," said Chair Christopher Egleton.
"We are hopeful that 2019 will finally witness the commencement of the realisation of the value of our Crete project," added Egleton.
Minoan shares were trading flat on Monday morning at 1.90 pence each.