Jun 2012 Financial News

Almond Resorts annual report shows significant losses

Jun 15, 2012

THE delayed Almond Resorts Incorporated (ARI) 2011 annual report is out. And it is showing that the All inclusive hotel group, one of whose properties was closed at the end of April this year, has doubled the losses incurred in 2010.

The financial results show that ARI ended the financial year to September 30, 2011 with losses totaling $44.1 million.

They compare to a loss of $20.4 million for the corresponding year to September 30, 2010, according to Chairman Arthur Lok Jack. Almond Beach Village in St. Peter was closed resulting in about 500 workers losing their job.

ARI became part of the Neal and Massy Holdings Limited empire following its take over of the Barbados Shipping and Trading.

The Chairman said that the loss for 2011 included $32.6 million in impairment costs “reflecting the writing down of certain assets to their net realisable values.” ARI posted revenue of $58.0 million for the period to September last year, down from $65.1 million at the end of September 2010.

Lok Jack pointed out that subsequent to year end, in April 2012, the Board of Directors came to the conclusion that the Almond Beach Village was no longer sustainable and would continue to incur significant negative cash flow and would be unable to pay workers if it remained in operation. (JB)


Source:
Barbados Advocate
Friday June 15, 2012

http://www.barbadosadvocate.com/newsitem.asp?more=business&NewsID=25333