Feb 2012 Financial News

Neal and Massy talks continue to progress

Feb 14, 2012

Negotiations for the sale of three hotels in Barbados all part of the Neal and Massy Group, are progressing.

That’s the word from Arthur Lok Jack, Chairman of Neal and Massy Holdings Limited.

He said that the negotiations are progressing through the Boards of Almond resort Incorporated and Almond Casuarina Beach.

“Meanwhile, the hotels continue to operate,” according to him.

Speaking on the October to December 2011 first quarter results of Neal and Massy Holdings Limited and its subsidiaries, Lok Jack said that while asset values for the two hotels were impaired in the Group’s 2011 Financial Statements, the operating loss from these discontinued operations was $11.8 million or $0.12 a share.
During the first quarter of the new financial year Almond Morgan Bay (Lazy Lagoon Limited) was sold to the Elite Island Resorts, said the Chairman.

“We are also pleased to report that the sale of Neal and Massy’s interest in Cool Petroleum Limited was completed in this quarter. The Group has eliminated its exposure from this investment and is free of all guarantees and contingent liabilities associated with CPL,” said Lok Jack.

He said that the Neal and Massy group performed well during the three months, noting some improvements when compared to the corresponding period to December 2010.

Earnings per share for the first quarter were up eight per cent to $1.24, total revenues reached $2.6 billion, an increase of 7.6 per cent and the operating profit from subsidiaries was ten per cent. (JB)


Source:
Barbados Advocate
Tuesday February 14, 2012

http://www.barbadosadvocate.com/newsitem.asp?more=business&NewsID=22801