By James Atkinson
The pubs division of Metro Hospitality Group posted an improved result for the half-year ended December 31, 2012.
Metro, the trading division of ASX-listed Transmetro Corporation, last year reported that tough market conditions had impacted on its four theme pubs, which reported a full-year loss of nearly $500,000.
But Metro Hospitality Group chief operating officer George Bedwani, told TheShout the pubs division is now back on track, driven in part by the completion of refurbishment of the Palace Hotel in Sydney.
"The Palace has now started to improve since the refurbishment, and we will see a big increase for the following half of the year," he said.
"The market is still soft but better than last year, due to all the events happening in Sydney that help to get the crowds in."
EBITDA for the consolidated group, which comprises the pubs along with Metro's more substantial accommodation division, decreased $52,000 to $3.25 million.
Revenue from continuing operations decreased $14,000 to $17.2 million.