Transmetro boosts half-yearly profit

February 28, 2007

The Australia-wide publicly listed hospitality and leisure group, Transmetro Corporation Limited, has released its preliminary half-yearly results to December 2006, announcing a 32% increase in profit against 2005.

Profit before tax was $1.69-million compared to the corresponding half-year in 2005 of $1,281,000. EBITDA for the 6-months period rose to $2,131,000 from $1,711,000.

Transmetro's operating arm, Metro Hospitality Group, incorporates Metro Hotels, a network of properties with over 800 rooms in key locations and major cities, and Paddy Maguires, a chain of Irish and English theme pubs.

Company Chairman, John McEvoy said the increase in profit could largely be attributed to the company's strong performance in its 4-Star hotels and apartments sector.

"Having empowered front-line staff who have the support of management has been one of the major reasons for these positive results," he said.

"While we have seen a marked rise in occupancy because of more buoyant markets, and extensive refurbishment at a number of our properties, our 'best practice' approach to delivering the best service possible across all our properties Australia-wide has been the recipe for our success," he added.

Paddy Maguire's in George Street, Sydney is the groups' flagship pub.

It operates two other Irish pubs under the Paddy Maguire's brand at Star City Casino, Sydney, and Subiaco, Perth.

An English-style pub, branded The Elephant, operates in Cinema Place, Adelaide.