LONDON (ShareCast) - Falkland Islands Holdings, a British conglomerate which owns logistics, warehouses and retail outlets on the islands, expects to report a fall in annual profits. <\/p>\n
The company anticipates pre-tax profit of 3.0m for the year to March 31st 2013, compared to 3.2m a year earlier. <\/p>\n
The group said trading was satisfactory at its division Falkland Islands Company (FIC), which provides services to retail, distribution, port services, shipping, hotels and mineral exploration. <\/p>\n
Retail sales experienced growth while tourist activity declined with fewer cruise ship visits. <\/p>\n
Preparations to ramp up activity at the Sea Lion discovery continued, including preliminary work on planning for related infrastructure projects. <\/p>\n
\"As a result, although turnover increased on the record levels seen last year, FIC's contribution is expected to be slightly lower,\" the company said. <\/p>\n
Momart, the fine art and antiques shipping and storage company, delivered record revenues on the back of growth in large exhibitions and the global commercial art market. <\/p>\n
Revenues at the Portsmouth Harbour Ferry Company were little changed on lower passenger numbers. Profits are expected to fall at the ferry company as a result of an increase in costs. <\/p>\n
The Falkland Oil and Gas (Other OTC: FLKOF - news) arm's drilling campaign proved a working hydrocarbon system in the South and East Falklands Basins. An extensive 3D seismic campaign is now underway to de-risk further the prospectivity and identify the next prospects for drilling. <\/p>\n
The group ended the period with cash balances of 11.5m and bank borrowings of 2.0m. <\/p>\n
<\/p>\n
Read more:<\/p>\n
Falkland Islands Holdings to report fall in annual profits<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" LONDON (ShareCast) - Falkland Islands Holdings, a British conglomerate which owns logistics, warehouses and retail outlets on the islands, expects to report a fall in annual profits. The company anticipates pre-tax profit of 3.0m for the year to March 31st 2013, compared to 3.2m a year earlier. Continue reading