Eden Leisure Group Ltd has realised a consolidated turnover in excess of Lm7 million and a gross operating profit of Lm1.2 million, it was announced on Friday.

Notwithstanding the general economic slowdown in 2003, the Group has registered a 15% increase in revenues in its entertainment business.

Although not fully operational during 2003, the InterContinental Malta hosted over 92,000 guest nights and accounted for approximately 12 per cent of Malta's total five-star business for the year.

The Group is expecting this positive trend to continue in 2004, which should be the first financial period when all the Group's operational activities will be fully operational for a full 12-month period and should not be hampered by challenges associated with first year hotel operations.

For 2004 the Group is projecting a consolidated turnover in excess of Lm9.5 million and a gross operating profit of Lm2.2 million from its operations, and in addition, the Group is expecting to generate additional cash inflows from Eden Bay Resort and the sale of non-core unutilised properties held for sale or lease.

The Eden Leisure Group's strategy, in place for over two decades, continues to focus on the development and management of quality entertainment and hospitality products in Malta, while maintaining a diverse portfolio of operational assets, a company announcement stated.

The Group fully owns and operates the Eden Century cinemas, the IMAX Theatre, Bay Radio, the Eden SuperBowl, Cynergi by Reebok, the Eden Arena, the InterContinental Malta, the Eden Bay Resort and the Eden car park as well as interests in the nightclub industry.

The company said "there are no intentions to divest, realise or relinquish management of any of the core leisure or hospitality interests currently with the Eden Leisure Group portfolio".