25 May 2012

Interim loss at Cubus Lux

22/12/2009 Robert Tyerman

Croatia-focused tourism and leisure concern Cubus Lux has turned last year’s £229,000 first-half profit into a £599,000 loss this time.

The London-based company increased turnover by a modest £2,000 to £965,000 in the six months to September, which saw operating profits fall 77 per cent to £222,000 before finance costs of £821,000 sent Cubus into the red. Casino operations contributed a reduced £9,000 to trading profits, which the company blames on low hotel occupancy and the impact of the economic slowdown on tourists’ spending, while profits from the Olive Island Marina leapt from £2,000 to £46,000.

AIM-quoted Cubus argues that there were signs of improvement towards the end of the first half-year. The company says its leisure and tourism projects in Croatia and Montenegro continue to make progress and maintains that it is close to resolving the issue of financing the construction of a resort at Olive Island.

Cubus Lux shares, which have traded between 62.5p and 11.5p over the past year, now stand at 13p, down 1p this morning. This values the company at nearly £2.5 million

Tags: AIM, Speculative punts

Sector: Travel & Leisure

Companies: Cubus Lux (suspended on 28 September 2011)

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