Announcement to ASX re Sale of Novotel Darwin

Announcement to ASX re Sale of Novotel Darwin

09-Dec-2003

Thakral Holdings Group has exchanged contracts for the sale of the Novotel Darwin Hotel for a sale price of
$13 million.

This sale forms part of our stated objective of trading hotel assets when an appropriate opportunity presents itself. The sale represents a profit over book value of $1.6 million. While the turnover of hotel properties i.e. both buying and selling remains part of our ongoing strategy, we aim to maintain investment in hotel properties at approximately current levels.

At the Company’s Annual General Meeting held on 30 October 2003, the Chairman, Mr Ted Harris, advised the meeting that “barring unforeseen circumstances, we expect the half year profit to be approximately 20% ahead of the same period last year”. Having regard to this sale, and results to date, our current expectation is that profit for the six months ended 31 December 2003 will now be approximately 35% ahead of the corresponding period last year. For the full year, our current best estimate is for an improvement of around 15% over last year.

For further information please contact the Managing Director, Mr John Hudson on (02) 9272 8888.

Please provide us with your confirmation of release announcement.

Yours faithfully



Andrew Horne
Group Company Secretary

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