Thunderbird Resorts Posts Wider Loss In FY16; Revenue Down 7.2% - Quick Facts

(RTTNews) - Thunderbird Resorts Inc. (THRSF.PK) reported that its fiscal 2016 loss from continuing operations widened to $6.5 million from a loss of $5.4 million, prior year. Thunderbird noted that its loss from continuing operations would have improved by 3.6% if the Group would not have registered an impairment loss of $1.6 million related to probable, realizable sale price of its Tres Rios property in Costa Rica.

Fiscal 2016 adjusted EBITDA (after deducting Corporate-level expenses) increased 2.2% to $3.3 million as a result of aggressive cost efficiency at the country and corporate levels. Fiscal year Group revenue decreased 7.2% to $38.36 million. Under a currency neutral analysis, Group revenue would have decreased by 2.0% and adjusted EBITDA would have increased by approximately 16.9%.

Gross debt has been reduced to $29.3 million at year-end December 31, 2016 as compared to $32.1 million at year-end December 31, 2015. Net debt has been reduced to $27.8 million at year-end December 31, 2016 as compared to $29.3 million at year-end December 31, 2015.