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BUSINESSTODAY 10 September 2020

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€1.50 THURSDAY 10 SEPTEMBER 2020 • ISSUE 74 WWW.BUSINESSTODAY.COM.MT PAUL COCKS THE Eden Leisure Group, owners of Eden Cinemas, Eden Superbowl, Bay Radio, the InterContinental Malta hotel and Holiday Inn Ex- press Malta hotels, plus other busi- nesses and properties – is forecast- ing a pre-tax loss of €6.8 million for 2020, mostly as a result of measures introduced to combat COVID-19. e Group registered a prof- it before tax of €15.45 million in FY2019. e Group's revenue in FY2020 is projected to amount to €14.3 million, a decrease of €30.7 mil- lion (-68%) from the prior year (FY2019: €45.0 million), of which circa 53% is expected to be gen- erated from the hotels whilst the remaining balance from the enter- tainment & leisure segment and other operations. e Group is projected to incur a loss after tax of €4.4million com- pared to a profit of €12.7 million in FY2019. e loss for the year takes into account the decline in business activities, and the cost cutting ex- ercise undertaken by management as well as Government's support through the wage subsidy scheme until October 2020. FY2020 was expected to be an- other year of growth in both hos- pitality and entertainment sectors. However, the onset of COVID-19 has had a very negative effect on business the world over. PAGES 6 & 7 PAGE 3 Editorial PAGE 9 PRE-BUDGET DOCUMENT OFFERS IMPORTANT COMMITMENTS Eden Group forecasting a €6.8m loss in 2020 due to COVID-19 Digital marketing dos and dont's for businesses PAGE 5 Budget 2021: No plans to increase taxes, Finance Minister says Edward Scicluna unveils pre-budget document: 'You can't achieve a surplus during a crisis.'

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