Suncrest Hotels plc today announced their results for the year ended 31 October 2004.
The company's turnover increased by 20% to Lm2.6 million as the hotel's occupancy improved from 50% in 2003 to 66% following a gradual recovery in the tourism industry in Malta. Suncrest's staff costs and other operating charges increased by 10.4% and 9.6% respectively, resulting in a gross operating profit of Lm323,000, a significant improvement over last year's level of Lm93,000.
A further boost to this year's profits came as a result of a one-time write back in management fees of Lm101,069. This will not recur in future years. The company's charge for depreciation and amortisation amounted to Lm198,000 (2003: Lm228,000) resulting in an operating profit of Lm226,000 compared to a loss of Lm135,000 incurred in the twelve months ended 31 October 2003. After deducting net interest payable of Lm225,000 the company's profit before tax in 2004 amounted to Lm1,000 compared to a loss of Lm361,000 in 2003. Suncrest Hotels benefited from a tax credit of Lm74,000 in 2004 resulting in a profit after tax of Lm75,000 (2003: loss of Lm361,000). The earnings per share works out at 0c75.
Total shareholders' funds as at 31 October 2004 amounted to Lm3.44 million, resulting in a book value per share of 34c4.
In the preliminary profit statement the Directors stated that the results for 2005 will continue to improve over 2004 as a result of a general upturn in the hospitality industry and the continuing initiatives being taken by management.
The Directors did not recommend the payment of a dividend.