CNG report further losses
Kerry-based travel group CNG has reported a pre-tax loss of $22.3m (€18.4m) for the six months to the end of June.
This is an increase on the loss of $10.7m (€8.8m) the same time last year after what the company called a very 'difficult and disappointing period for the company'.
Earlier this week CNG said it had agreed to sell its leisure division to payments group Fexco in a deal which could be worth $3.6m (€3m). The assets being sold include its hotel booking website www.placestostay.com and its affiliate business which provides technology to airline websites.
CNG said this morning that revenues for the six month period increased by 16% to $31.2m (€25.8m) from $26.9m (€22.3m). The company's operating loss amounted to $19.5m (€16.1m), up from a loss of $3m (€2.48m) the same time last year.
