StockMarketWire.com – Interim pre-tax losses at Croatia and Montenegro tourism and leisure specialist Cubus Lux rose to £1.4m – up from £0.6m last time.

And it says there are contingency plans to streamline the company if new financing which is expected early in the new year is delayed.

Revenues for the six months to the end of September fell to £679,000 – down from £965,000 a year ago.

Executive chairman Dr. Gerhard Huber said: “With the combination of Croatian’s progress towards EU membership and the focussed emphasis by the government to push forward with projects involving high quality leisure facilities that will extend the tourism season, Cubus Lux, after 10 years of development and operation in Croatia, appears to have first mover opportunities for new projects.

“The financial and credit markets show some improvement but overall still remain at a slower pace to 2008 which is giving us challenges in securing necessary finance.

“However, the board remains committed to its vision of becoming the number one leisure and tourism company in this region.

“We are negotiating on several financing options and would hope for at least one of these to be finalised early in the new year.

“In the event that financing is delayed we have contingency plans to streamline the company and to maintain a healthy liquidity which will guarantee our continued operation in the meantime.

“We look forward to providing appropriate updates in due course.”

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by StockMarketWire.com