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.
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