Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Minoan Group PLC on Wednesday said negotiations for the Cavo Sidero project in Crete are progressing as it reported a narrowed annual loss.
The developer of hotel resort projects in Crete said pretax loss narrowed to £529,000 in the financial year ended October 31, from £1.1 million a year prior.
This was mostly due to a finance gain of £7,000, swinging from a hit of £524,000. Operating costs only decreased narrowly to £536,000 from £541,000.
‘Following the signing of a collaboration agreement with a major International Luxury Hotel Group, the company continues to progress the commercial aspects of the project and I look forward to being able to report further progress on this as well as significant management changes which will, I believe, enable shareholders to have a clear view of the future,’ said Chair Egleton, referring to the project at Cavo Sidero in Crete.
On Tuesday, Minoan said: ‘The company and the Foundation are progressing the detailed negotiations via an institutional process conducted through the Ministry of National Economy & Finance, the supervising authority for all foundations in Greece.’
It added: ‘The final result, the board believes, will deliver an outstanding financial package to partners as we move toward delivery of the Itanos Gaia project.’
Minoan shares were 0.7% higher at 0.68 pence each on Wednesday afternoon in London.
Copyright 2024 Alliance News Ltd. All Rights Reserved.