The Eden Leisure Group recently announced profit before interest, tax and depreciation of 4.1million Euro for the year ending 2009 on turnover of 19.3 million Euro.Group Managing Director Ian De Cesare stated, ‘The Entertainment segment of the Group contributedover 50% to the profit of the Group in 2009.
The Eden Cinemas registered a significant increase in boxoffice revenue and admissions, primarily due to successful film product in the last quarter of the yearand the improvement has continued for the first quarter 2010 with a 50% profit increase year on year.The Eden SuperBowl and Eden Car Park also registered improvements in both revenue and GOP in 2009and have also continued their positive upward trend in the 1 st quarter of 2010.The InterContinental Malta actually increased the number of guest nights in 2009 over 2008 by 10%.This is compared to an industry reduction in guest nights of -9% in 2009.
This year we are forecasting a50% growth in profit from our hotel arm and business on the books to date are positively indicating thatthese targets will be reached. Confirmed conference business to date alone is showing an increase ofover 400% over last year’.Mr. De Cesare comments that, ?While the hotel is expected to show a significant improvement over thenext 2 to 3 years to get back in line with the record figures of 2007, the Entertainment segment isforecasted to remain stable with steady growth in profits in the coming years. Upgrading investment inthe cinemas and new radio ventures will ensure that these areas remain competitive.
The investment indigital 3D in a number of screens at the cinemas is expected to result in increased revenues andadmissions for the year.Considering the recession we are happy to be able to come out with our positive profit results for theyear. Our varied portfolio of businesses has cushioned the impact of decline in tourism and we arepositively positioned to regain lost business as this sector is picking up. The significant introduction ofnew flights and new routes is expected to bring in a substantial increase in tourist arrivals for the yearwhich will also aid the hotel business.
The Group has continued to reduce its debt position and has recently received approval by the MFSAListing Authority for the admission to the Malta Stock Exchange of a new 15,000,000 Euro bond to refinancethe remaining portion of the circa 23,000,000 Euro bond due to expire later this year. The company hasreduced 26 million Euro in bank debt and capital creditors since opening the hotel in 2003.’