Park Plaza Hotels Swings To FY09 Loss, In Line With Its Views In 2010

29th Jun 2010 08:21

LONDON (Dow Jones)--Park Plaza Hotels Ltd (PPH.LN), the owner, operator and franchiser of hotels in Europe, the Middle East and Africa, reported Tuesday a swing into pretax loss for 2009 and said it is trading in line with the board's expectations for the first five months of 2010. MAIN FACTS: -Revenue for the year ended Dec. 31, 2009, EUR80.3 million (2008: EUR93.4 million) -EBITDA EUR16.2 million (2008: EUR25.4 million) -Pretax loss EUR7.2 million (2008: profit EUR7.9 million) -Diluted loss per share 0.18 cents (2008: profit EUR0.19 cents). -Net debt at Dec. 31, 2009 was EUR403.9 million (2008: EUR282.3 million). -Cash and cash equivalents EUR34.4 million (2008: EUR33.0 million) -Board continues to believe that it is prudent not to commence the payment of a dividend in light of current market and trading conditions. -Group trading in line with the Board's expectations for the first five months of 2010 despite the travel disruption resulting from the volcanic ash in April which affected company's London hotels, in particular; No further significant deterioration in the trading environment anticipated across company's markets in 2010. -In the U.K. underlying revenue at the group's London hotels for the first five months of the year is 3% lower than the comparative period in 2009; In the Netherlands, revenue and EBITDA were both flat year on year for the five months to May 31, 2010. -In Germany and Hungary, RevPAR at the group's hotels during the five month period, improved year on year due to an approximately 12% improvement in average room rates. Occupancy over the period has been flat year on year. The loss at the EBITDA level was also reduced year on year during the first five months of 2010. -Group's Management and Holdings operation continues to perform in line with the board's expectations. -In the second half of 2010, the Group will remain focused on managing its operations efficiently, leveraging its strategic partnership with Carlson Hotels Worldwide and continuing to progress a number of development projects. -Shares at 098 GMT unchanged at 134 pence, valuing the company at GBP54.7 million. -By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, [email protected] Order free Annual Report for Park Plaza Hotels Limited Visit http://djnweurope.ar.wilink.com/?ticker=GG00B1Z5FH87 or call +44 (0)208 391 6028 (END) Dow Jones Newswires June 29, 2010 03:21 ET (07:21 GMT)