Pub owner Hedley posts $179m annual loss

Pub owner Hedley posts $179m annual loss

Pub owner Hedley Leisure and Gaming (ASX:HLG) today posted a $179 million annual net loss, as the pub industry reeled from the fallout of the global economic crisis and smoking bans.

The company, which primarily acts as a landlord to pubs and bottleshops, said its list of owned sites decreased to 104 from 109 over the year.

But despite the slump, the company managed to increase its revenue to $107.6 million from $105.1 million.

And many pubs have taken the steps necessary to overcome the problems caused by the introduction of smoking bans, CEO Peter Armstrong said, leaving the company in a stronger position for the year ahead.

Hedley was suspended from trading on the ASX on September 1 after the company failed to file its full-year accounts on time, but resumed trading today at $0.27.

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Tags Hedley Property Pubs

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