Action Hotels, developer of three and four-star hotels in the Middle East and Australia, widened its first-half loss as costs rose, the Dubai-based company said yesterday.
Net loss attributable to equity owners in the six months to the end of June 30 reached US$3.67 million, up from $679,000 in the year earlier period, the company said in a statement to AIM, the London Stock Exchange’s market for small companies.
Administrative costs jumped by 20 per cent to $16.7m from $13.9m, while net finance cost more than doubled to $5.58m from $2.67. “Finance costs have increased as the company has, as planned, utilised debt facilities to fund the pipeline of hotels, some of the funds are also directed to the operation,” the company said.
But revenue rose 18 per cent to $25.56m from $21.67m.
Action Hotels owns 11 hotels with 2,030 rooms in Middle East and Australia, including three in the UAE.
“We remain committed to growing our portfolio and are continuously exploring new hotel opportunities,” said Sheikh Mubarak Al Sabah, Action’s founder and chairman.
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Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
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Director Hansal Mehta
Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey
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Global state-owned investor ranking by size
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UAE |
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Canada |
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Singapore |
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Country-size land deals
US interest in purchasing territory is not as outlandish as it sounds. Here's a look at some big land transactions between nations:
Louisiana Purchase
If Donald Trump is one who aims to broker "a deal of the century", then this was the "deal of the 19th Century". In 1803, the US nearly doubled in size when it bought 2,140,000 square kilometres from France for $15 million.
Florida Purchase Treaty
The US courted Spain for Florida for years. Spain eventually realised its burden in holding on to the territory and in 1819 effectively ceded it to America in a wider border treaty.
Alaska purchase
America's spending spree continued in 1867 when it acquired 1,518,800 km2 of Alaskan land from Russia for $7.2m. Critics panned the government for buying "useless land".
The Philippines
At the end of the Spanish-American War, a provision in the 1898 Treaty of Paris saw Spain surrender the Philippines for a payment of $20 million.
US Virgin Islands
It's not like a US president has never reached a deal with Denmark before. In 1917 the US purchased the Danish West Indies for $25m and renamed them the US Virgin Islands.
Gwadar
The most recent sovereign land purchase was in 1958 when Pakistan bought the southwestern port of Gwadar from Oman for 5.5bn Pakistan rupees.
Specs
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Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
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“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra
