Newhaven Hotels has blamed the smoking ban in the hotel industry for its reported 20.31% dip in net profit for the year ended June 30.
Newhaven Hotels has recorded a net profit of $1.32 million – down from $1.66 million in the previous year.
Newhaven Hotels said the company’s net assets decreased following a downward revaluation of the Bateau Bay Hotel. Net tangible assets were $31.43 million – a fall from $34.85 million.
However, the company has increased its final dividend to 3 cents – up from 2 cents last year – taking the total year fully franked dividend to 7 cents – up from 4 cents in the previous corresponding period.
Australian Property Journal
