€1.5m operating loss for Harcourt
The company, which is involved in developments including hotels, shopping centres and office parks in Ireland, Britain and the Caribbean, said its 2003 results were hit because of a number of properties had yet to be sold and it was racking up a large interest bill.
It made an operating loss of €1.5 million compared to a €3m profit the previous year. At pre-tax level, it made a loss of €9.8m, a 30% increase on the loss in 2002. "The loss arises largely due to interest charges on developments, a number of which are let, not yet sold, together with costs associated with the launch of a new hotel in Antigua," the accounts said. Turnover for the year was down from €42m to €34m. Revenues from recent income rose from €14m to €17.6m. Hotel income fell from €3.3m to €2.8m, while turnover from the development and sale of properties plummeted from €24.7m to €13.5m.
