(Alliance News) - Minoan Group PLC on Wednesday reported broadly flat loss in the first half of its current financial year as it progressed on its project in Crete, Greece.
The resort development company said pretax loss remained broadly flat for the six months to the end of April, at GBP1.1 million. Minoan did not generate any revenue in either years.
Minoan said it has continued to make progress towards the realisation of its development project in Crete during the period, whilst continuing to reduce ongoing costs and liabilities of the company.
In Crete, the company said it has continued to progress all the studies necessary to allow architectural and technical teams to prepare detailed designs and building drawings.
"The company has continued to cut costs whilst further progressing its project in Crete as well as entering into new discussions which are intended to lead to the realisation of shareholder value," said Chair Christopher Egleton.
Minoan shares were trading 0.5% lower on Wednesday in London at 2.24 pence each.