Loss of $2.8m, Brisbane Radisson offers hope
Manor Inns’ $2.8 million loss for the June year shows that standing still is not an option â€” much of the loss was attributable to depreciation and unrealised revaluation of investment properties.
But the company may be on the road to better health after shareholders resolved at a special meeting today to acquire 24 of the 175 apartments in Brisbane’s former Radisson Hotel, along with 25 years’ management rights of the hotel’s conference centre, restaurant and liquor facilities, subject to finance.
Directors hope to finalise the finance arrangements in Brisbane in the next fortnight.
The annual result showed sales up 18% to $5.15 million but the operating deficit 53% worse at $2.2 million, the bottom line 92% worse at a $2.8 million deficit and basic earnings per share down from negative 8.3c to negative 12.8c.
Extra depreciation took $556,000, revaluations $571,000 and preliminary & acquisitions costs $195,000.