According to one of Malta’s leading hospitality brands, Corinthia, the key challenge for the hospitality industry has shifted from lockdowns and significant disruptions to labour shortages, as the industry struggles to attract workers as demand increases.

The statement came as part of the interim financial report for Corinthia Finance, a division of the Corinthia Group functioning to finance the ownership, development, operation and financing of hotels reports and leisure facilities of the brand.

While the challenge is shifting to labour shortages, the company does state that the global disruption caused by the pandemic “remains ongoing,” and that the group is still “largely benefiting” from various COVID-related Government initiatives and subsidiaries in various jurisdictions.

After 18 months battered by COVID, Corinthia’s hotels and businesses are now open, but the group’s targets for year-end are – in Corinthia Finance’s own words – not ambitious.

Therefore, it said, financial planning is premised on cautious revenue expectations and the continuation of subsidies and support schemes, to the extent that these have been committed to by the Governments in various regions.

It was also reported that in business, the group has sufficient liquidity and financial resources to meet payroll obligations, including those related to bond interest payments as they arise throughout the course of 2022.

The financial outlook of Corinthia Finance, which due to its function as a financing arm of the rest of the group does not reflect its operational performance, was stable with the same income and costs recorded as in the same period a year earlier, 2020. Between 1st March 2021 and 31st August, the company recorded income and costs of €875,000 and €850,000, respectively.

Administrative expenses stood at just under €20,000 during the period, and profits after tax hit €3,355.

In terms of assets and liabilities, the company’s asset balance declined by close to €650,000 during the half year period from the end of February to the end of August, reaching €41,727,565.

Liabilities also decreased however, falling from €41,667,820 at the end of February, to €41,009,582 at the end of August.