Thursday, 8 March 2012

Sotogrande announces loss of €31.6m for 2011

Total of 59 jobs to go, says San Roque
SAN ROQUE  Sotogrande, the real estate arm of the NH Hotels group and registered in San Roque, announced recently that it had lost €31.6million in 2011. This a 50% increase over the company's reported €21.1m loss for 2010. Among other items in its report to the Comisión Nacional del Mercado de Valores (CNMV, Spain's National Securities Market Commission) is that the company's financial income in 2011 amounted to €624,000, whereas its costs were €4.7m. Also, its net assets decreased by 17.2% to €165.1m. Sotogrande S.A., which is 97% owned by the hotel chain, also announced that these results would obviously have an effect on  the company's work force. A little while ago, the unions had set up the alarm, saying that 20 jobs would be lost in the real estate division, a fact confirmed by the presentation of redundancy papers (Expediente de Regulación de Empleo, or ERE). This week, however, San Roque Council advised that the total number of jobs to go would be 59, in all three of the company's divisions: real estate, golf and hotels. 

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