Suncrest reports near Lm100,000 net profit

- company plans to buy back Suncrest Bonds for cancellation

Suncrest Hotels addressed the investing community recently in the first in a series of meetings the Malta Stock Exchange is holding for companies whose securities are listed on the MSE.

Those present were given a detailed presentation on the Suncrest’s return to profits. The meeting was introduced by Malta Stock Exchange Chairman Alfred Mallia and was chaired by Paul J Spiteri, Consultant to the MSE Chairman.

Angelo Xuereb, Chairman of Suncrest Hotels described Suncrest’s net profit of Lm98,000 for the financial year 2001 as "an encouraging result" and confirmed that the company’s aims were even higher. This was a marked improvement on the previous year’s loss.

The most salient event during the financial year ended October 2001 was the signing of the management contract with Sol Meliá. This was expected to have a significant positive effect on the performance of the Sol Suncrest over the coming years. Mr Xuereb also announced plans for the Suncrest to utilise surplus liquidity to buy back Suncrest Bonds for cancellation, thereby reducing the overall interest burden on the company.

A detailed overview of the Suncrest’s financial performance was given by Michael Warrington, Group Financial Director of AX Holdings.

The meeting was concluded by Juan Cifre from Sol Meliá who gave a presentation on the Spanish Group, with a focus on its vision for Malta and the Sol Suncrest in particular.