Island Hotels Group Holdings plc – Approval of Interim Financial Statements

Island Hotels Group Holdings plc announced that the Board of Directors of the company approved the group’s financial statements and half-yearly report for the six-month period ending April 30, 2015.

The company registered a loss before tax of €2.9m, compared to a €1.6m loss registered in 2014. Revenue for the period under review amounted to €2.1m, a decrease of 55.3% from 2014. Meanwhile, loss per share from continuous operations increased to €0.06.

On October 31, 2014 MKIC Limited ceased operations and the group started the process of winding down this operation. MKIC Limited was principally engaged in the business of catering, organiser, manager and operator of venues for receptions and similar events, restaurants and leisure facilities. Meanwhile, on February 19, 2014 the group entered into a promise of sale agreement for the disposal of its 100 per cent equity interest in Coastline Hotel Limited, a subsidiary which owns and operates the Coastline Hotel, a four star hotel located at Salina Bay. The disposal was completed on 2 May 2014 on which date control of Coastline Hotel Limited passed on to the new owners.

To view the official company announcement, click here.