(Alliance News) - Minoan Group PLC on Monday said its Crete project is well positioned to weather the Covid-19 pandemic as it cut costs in the first half.
The resort development company posted a pretax loss for the half-year ended June 30 of GBP901,000, narrowing from GBP1.1 million a year prior. This was due to reduced finance costs.
Finance costs were trimmed in the half to GBP549,000 million from GBP863,000 million year on year.
Covid-19 delayed processes to refine and select potential partners for the delivery of the company's villa and hotel tourism project in Greece.
Minoan said: "The nature of the company's project in Crete, covering over 25 square kilometers with its 28km of coastline and unending sea views, is such that it is able to accommodate the spatial demands that appear to be emerging within the tourism industry as it adapts to a post Covid world.
"Taken together with the fact that the project's flexibility, as highlighted in the outline planning consent and overall plan, has always been to create space for its visitors, using under 0.05% of the land for building, we believe the post-Covid demands add to the attractiveness of the development as a whole."
The company pay no a dividend.
Looking ahead, Chair Christopher Egleton said: "As Covid restrictions begin to relax, we look forward to updating shareholders in the coming period as we progress discussions with partners and prospective partners toward beneficial conclusions."
Minoan shares were down 5.2% at 1.28 pence each on Monday afternoon in London.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Minoan (MIN)