International Hotel Investments P.L.C Announces Unaudited Consolidated Earnings Results for the Half Year Ended June 30, 2016
August 31, 2016
Share
International Hotel Investments P.L.C announced unaudited consolidated earnings results for the half year ended June 30, 2016. For the period, the company reported revenue or EUR 70,758,000 against EUR 55,384,000 a year ago. EBITDA was EUR 15,134,000 against EUR 14,248,000 a year ago. Results from operating activities were EUR 4,086,000 against EUR 5,772,000 a year ago. Profit before tax was EUR 1,856,000 against loss of EUR 2,101,000 a year ago. Profit for the period was EUR 1,933,000 against loss of EUR 894,000 a year ago. Profit per share was EUR 0.003 against loss of EUR 0.002 a year ago. Net cash from operating activities was EUR 12,679,000 against EUR 12,168,000 a year ago. During the first six months of 2016, the group registered an increase in revenue of EUR 15.4 million over the corresponding period the year before. This increase is partly due to further year-on-year growth in the group's owned assets and in particular to the consolidation of the Island Hotel Group Holdings p.l.c. (IHGH) which was acquired in the second semester of last year and is not included in the comparative results. Adjusted EBITDA was EUR 14,233,000 against EUR 17,877,000 a year ago.
International Hotel Investments p.l.c. is an investment company, which is engaged in the business of ownership, development and operation of hotels, leisure facilities, and other activities related to the tourism industry and commercial centers. Its segments include Malta, Lisbon, Budapest, Prague, London, Tripoli, and Saint Petersburg. Its portfolio includes Owned Hotels, Managed Hotels, Commercial Properties, New Projects, Catering, Corinthia Developments International, and Project Management. The Company operates a catering operation, which provides event catering in several venues in Malta, as well as contract catering, including international airlines flying from Malta. Its Project Management provides architectural engineering, management, and technical construction services. It has developed commercial real estate in conjunction with its hotels. It also manages a number of properties in various locations, including Malta, Khartoum, Budapest, Bucharest, Prague, and Tunisia.