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Clear Leisure operating loss narrows

By BFN News | 07:53 AM | Friday 01 July, 2016

Clear Leisure reports an operating loss of €642,000 for the year to the end of December compared to a loss of €1,917,000 for the 2014. It says that despite managing to lower the interest rate on some loans, financing charges of €1,323,000 were higher than the 2014 figure of €1,085,000 due to the necessity to borrow additional funds to fund the new board's investigations into what exactly the company owns and what the assets are really worth. The group's cash reserves at 31 December 2015 stood at €1,842,000 compared with €1,373,000 at 31 December 2014. Chief executive and chairman Francesco Gardin said: "In my interim report to shareholders I warned that, although we had decided to reduce significantly the carrying value of Mediapolis assets, further reductions might be required. This has proved to be the case. "As the result of a detailed professional valuation, we have reduced the carrying value of development land held by Mediapolis by a further €7 million to €13 million. Pleasingly, a similar valuation for the villas held by Mediapolis has resulted in an increase in value from €4.6 million to €5.1 million. "As a consequence of the foregoing, the group recorded a loss of €20.2 million as compared to a loss of €3.1 million in 2014." Story provided by

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