HOTEL and leisure group African Sun has attributed a half year loss of close to US$2 million to the closure of Kingdom Hotel in Victoria Falls coupled with challenges in the macroeconomic environment.
African Sun closed the 294 roomed Kingdom Hotel effective January 5, 2023, citing disagreements with property owner- First Capital Bank (FCB) over the proposed renewed lease period.
According to the company’s financial results for the half year ended June 30, 2023, earnings before interest, tax, depreciation, and amortization (“EBITDA”) reached US$2,48 million during the period under review.
“The loss for the period of US$1,81 million was mainly due to discontinued operations, which incurred a loss of US$0,75 million. This loss primarily included property and equipment impairments following the closure of the Kingdom at Victoria Falls Hotel,” chairman Constantine Chikosi said in a statement accompanying the financials.