Firm continues to stabilise with positive first quarter figures.TV-Loonland has revealed a significant revenue increase to 1.42 million euros for the first quarter of 2008, up from 780,000 euros in Q1 2007.
The company's operating profit has also risen considerably, up to 4.76 million euros from a loss of 1.07 million euros in the same period last year.
The results show the effects of formal accounting treatment for the 'debt to equity' swap concluded in January, which was accounted for as a restructuring gain of 5.07 million euros.
In addition, TV-Loonland's business continues to generate positive cash flow out of its operating activities, amounting to 216,000 euros.
The company's management is expecting to conclude two important corporate transactions during the coming weeks. The group will be in a position to use the proceeds from these transactions to repay the remaining bank debt of five million euros.
TV-Loonland's current slate of properties is attracting good interest, while it also has a number of new projects in development or already greenlighted for production, so the management is confident it can further stabilise the business throughout the remainder of the year.