Newfound H1 pretax loss slips to US$7.4M vs profit US$1.8M

Humber Valley Resort owner, Newfound NV said it slipped to a first half pretax loss of US$7.4M from a profit of US$1.8M last year after higher administrative costs. Also, the company said plot sales in the first half were negligible as the early part of the year is 'not conducive' to sales at Humber Valley, adding it had to reorganise to target high net worth individuals looking for luxurious second homes.
The company's revenue for the first half to end-June rose to US$17M from US$9.6M last year, due to the increased construction activity in Humber Valley compared to the same time last year.
Meanwhile, Newfound said Humberts Leisure, the international leisure business consultants, valued its resorts in Humber Valley and Nevis at US$227M, resulting in a net asset value of 77 pence a share. The company said it is in the process of finalising a loan facility of US$21M for its Humber Valley resort to provide working capital for development and for the company.
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Earlier article:
Newfound N.V. (owner of Humber Valley Resort), the creator and operator of international luxury resorts and destinations, today announces its unaudited interim results for the six months ended 30 June 2007. Since its announcement of the 2006 full year results, the Company has:
* Had its resorts independently valued giving a calculated net asset value of 77p per share
* Made good progress in obtaining suitable funding in order to sustain and enhance the financial position of the company
* Revised the management structure of the Company with new CEO and CFO appointments
* Increased revenue over the same period in 2006 and commenced plans for reducing the Company's cost base
* Made further investigations of potential new resorts
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