RNS Number : 7270P
Japan Leisure Hotels Ltd
22 July 2010
22 JULY 2010
JAPAN LEISURE HOTELS LIMITED
(the "Company")
Trading Update
The Company is pleased to provide an update on current trading following the announcement of its annual results for the year ended 31 December 2009.
As reported at that time, the Yokkaichi hotel was closed for renovation for the majority of the first six months of the current financial year. Furthermore, certain other hotels were experiencing reduced occupancy due to competitors aggressively reducing prices and some hotels nearing their scheduled refurbishment. The Asset Manager is taking immediate steps to address these short term issues, where possible, and is confident that it they will be quickly resolved.
As a result of the above, revenue and EBITDA levels for the year ending 31 December 2010 will be lower than current market expectations.
Nevertheless, the Board's long term confidence in the Company's business model, based on the unique features of Japanese culture and demographics, remains unchanged.
The Company will announce its half year results for the 6 months ended 30 June 2010 on Tuesday 28 September 2010.
Enquiries:
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Asset Manager
Steve Mansfield
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+81 3 4550 1808
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Shore Capital and Corporate Limited
(NOMAD to the Company)
Dru Danford
Stephane Auton
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020 7408 4090
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Pelham Bell Pottinger
Archie Berens
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020 7861 3112 or 07802 442 486
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This information is provided by RNS
The company news service from the London Stock Exchange
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