(Updates with NAV details)
LONDON (Thomson Financial) - Luxury resorts operator Newfound NV said it slipped to a first half pretax loss of 7.4 mln usd from a profit of 1.8 mln usd last year after higher administrative costs.
Also, the company said plot sales in the first half were negligible as the early part of the year is 'not conducive' to sales at Humber Valley, adding it had to reorganise to target high net worth individuals looking for luxurious second homes.
The company's revenue for the first half to end-June rose to 17 mln usd from 9.6 mln usd last year, due to the increased construction activity in Humber Valley compared to the same time last year.
Meanwhile, Newfound said Humberts Leisure, the international leisure business consultants, valued its resorts in Humber Valley and Nevis at 227 mln usd, resulting in a net asset value of 77 pence a share.
The company said it is in the process of finalising a loan facility of 21 mln usd for its Humber Valley resort to provide working capital for development and for the company.
Also, it said it is in the early stages of negotiating finance for its Nevis Resort to cover the 30 mln usd infrastructure and initial construction costs. TFN.newsdesk@thomson.com ypv/ajb/ypv/slm COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
© 2007 AFX News
