AX Investments plc registers €347,393 loss for first six months

AX Investments plc has registered a loss of €347,393 for the first six months to April 30, from a profit of €35,853 in the corresponding period in 2008, according to a company announcement on the Stock Exchange on Tuesday.

The finance and investment company, which owns 19 per cent of the equity of Suncrest Hotels plc, attributed the loss to a reassessment of this investment.

"In view of the prevailing economic climate and the expectations for the tourism industry in general and the Suncrest Hotel in particular, the company wrote down the value of its investment in Suncrest Hotels plc by €394,516."

The company's unaudited interim financial statements show that in the first six months, interest income earned on advances to group companies totalled €489,663 (2008: €493,717). Interest payable to bondholders amounted to €469,795 (2008: €483,174).

"The directors do not anticipate significant changes in the performance during the last six months of the current year," the company said.