Investment holding company Queensgate Hotels and Leisure on Friday issued a revised profit forecast for the years to end August, 2009 and end August 2010.

This follows the acquistion of Queensgate Business Development.

It expects revenue to be R129.827-million for the year to end August 2009 and R206.898-million for the following year. Headline earning per share is forecast for the period to end August 2009 at 1.63c, (2010: 3.88c).

The company said: "Rooms revenue from the hotel businesses has been forecasted for the year ended August 2009, on the existing hotel portfolio only, while four new hotels, which are already in the pipeline, have been included in the forecast for the year ended August 2010.

"Accordingly, although the revenue forecast is based on management's best expectations for the completion of these new hotels, it necessarily contains uncertainty as to the timing of the commencement of operations of these new hotels.

"Revenue from food and beverage is assumed to be in line with existing ratios being experienced in the group's existing hotel operations.

"Costs have been assumed in line with those percentages currently being experienced within the existing hotel, food and beverage, and wellness businesses.

"Fees earned from business development projects have been forecast on the expected progress made in these projects as estimated by management and accordingly, the forecast does not provide for any unexpected delays in the commencement, duration and completion of these projects."

Queensgate shares were trading unchanged at 22c at 4.55pm on Friday.

Source: I-Net Bridge