IFA Hotels & Resorts on Friday reported a diluted headline loss per share of 26.59 cents for the year ended June 30, 2010, from a prior loss of 17.55 cents.

It noted basic and diluted basic loss per share of 31.24 cents, from a loss of 17.46 cents earlier.

Revenue declined to R78.887 million, from R82.747 million previously, while IFA extended its operating loss to R22.429 million, from R18.253 million.

No dividend was declared for the period.

The group said its IFA Hotels operation achieved a satisfactory profit, assisted by commission income from robust resale activity within its Zimbali Coastal Resort.

"We expect improvements to the results as our new project, the Zimbali Lakes Resort, has been boosted by the Fifa 2010 World Cup, the opening of the new King Shaka International Airport as well as the opening of the Fairmont Zimbali Hotel & Resort," it said.

In anticipation of accelerated demand arising out of the new airport and the recovery of the economy, preliminary planning has commenced on the c.700 Ha Westbrook landholdings, located south of Zimbali between the Tongaat River and the Watson Highway, IFA said.

Looking ahead, the group said: "We have laid solid foundations for sustained and accelerated growth and remain confident that we will reach our performance targets, so enhancing shareholder value."

Source: I-Net Bridge