3rd Apr 2014 09:43
LONDON (Alliance News) - Minoan Group PLC, the travel agency operator, said Thursday that it plans to build a luxury holiday resort in Crete has now also been approved by a regional government of Crete.
The travel company is planning a luxury holiday resort on a 26 square kilometre site at Cavo Sidero in Crete, comprising holiday villages, golf courses, a marina, and a conference centre.
The local municipality of Sitia in Crete already had reaffirmed its support for the project on the Mediterranean island last month. However Minoan said the regional government now also has voted in favour of the Strategic Environmental Assessment for its project, a major milestone for the group.
Minoan on Wednesday said it has successfully developed its international travel and leisure business, which drove its total transaction value up 37% in its last financial year, and led to the group narrowing its full-year losses. For the year ended October 31, 2013, the travel company reported a pretax loss of GBP1.2 million, compared with a pretax loss of GBP1.3 million the prior year.
Shares in Minoan were trading 0.5% lower Thursday morning at 16.04 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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