Suncrest Hotels plc - Interim Results

Wednesday, July 27th, 2005

Suncrest Hotels plc issued their interim results for the period ended 30 April 2005. The company registered a turnover for the first six months of the year of Lm802,000 representing a 1.7% decline over the same period for 2004. The loss for the period under review amounted to Lm493,000 up from Lm393,000 in 2004. The net asset value per share of the company as at 30 April 2005 is of 29c4. The Directors note that the main reasons for the increase in the loss were cost increases on direct expenditure including the significantly higher cost of utilities, direct wages and other items. Most of these increases are attributable to factors outside management's direct control. The Directors also note that demand for hotel rooms in the north of the island remains particularly weak with significant downward pressure on room rates. Despite this, the Directors state that even though the operational results show a decline on the same period in 2004, the company should be able to make this up in the summer season.

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