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Japan Leisure Hotels
- BY: Andrew Hore |
- POSTED: 22/07/2010 |
- COMMENTS: Add yours
Aggressive pricing by competitors means that Japan Leisure Hotels will make less than expected this year.
On top of that, the Yokkaichi hotel was closed for renovation for the majority of the first six months of the current financial year.
The short-stay hotel operator reported a profit equivalent to £290,000 on revenues of £7.98m in 2009. Daily occupancy rates were running at more than 240%. There was £2.8m in the bank at the end of 2009.
Independent research provider Hardman forecast a profit of £660,000 for 2010. It also forecast a total dividend of 1.5p a share, up from 1p a share last year.
At 38.5p a share, down 3p, JLH is valued at £17m. The adjusted NAV was 74p a share at the end of 2009.
Interim figures will be announced on 28 September.
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