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Grenreal Property Corporation Limited has released its non audited financial statements for the year 2008 at a shareholders meeting on January 21st 2009. Grenreal is reporting that it has once again met all targets. Grenreal CEO Dick Van Djick reported to the shareholders that the company continues to perform well in spite of difficult global economic conditions. He said that, “Grenreal has so far had very little adverse effects on operations due to the global economic downturn. As a result of the downturn we have had slightly higher than forecasted interest costs but the figures for 2008 have been generally very encouraging.”
The non-audited report for 2008 shows that Grenreal has come close or has exceeded all forecasted targets. The report notes that operational income has been to be close to its forecast of 1.89 million dollars. Rental income exceeded forecasts and has increased by 3% and operational and corporate costs have been in line with forecasted targets. The CEO told the shareholders and directors that, “there has been continued high demand for shop space in the cruise ship terminal which has been driven by growing cruise tourism arrivals. This has of course had a positive impact on rental income,” the CEO said.
Cruise passenger arrivals grew from 270 000 in 2006-2007 to 303 000 in 2007-2008. This year the growth is expected to continue as the island will receive well over three hundred and fifty thousand passengers for the 2008-2009 season. Mr. Van Dijck reported to the shareholders that in a slightly declining southern Caribbean cruise market Grenada captures a bigger share of that market than other destinations and this has manifested itself in higher number of arrivals. It is a clear sign of the growing appreciation of the new cruise terminal facilities by the cruise industry.
During the meeting the chairman, Mr. Ambrose Philip accepted nominations from shareholders for three vacant Directors posts. After the process was complete, Mr. Philip welcomed Mr. Nigel John, Mr. Philbert Lewis and Mr. Alfred Logie as new members of the Board of Directors. These persons will replace Mr. Ashton Frame, Mr. Spencer Thomas and Mr. Garvey Louison who have indicated their wish to resign.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
