Tue, May 14, 5:51 PM (73 days ago)
The InterGroup Corporation's quarterly report for the period ending March 31, 2024, reveals a net loss of $3.86 million, compared to a net loss of $614,000 in the same period of 2023. The increase in loss is primarily due to a $811,000 net loss on marketable securities and a $453,000 repayment of an SBA loan. Hotel operations reported a net loss of $1.96 million, up from $260,000 the previous year, attributed to increased mortgage interest expense and operating costs, despite a slight increase in revenues. Real estate operations saw revenue growth to $4.13 million from $3.93 million, with a decrease in operating expenses. The company’s cash and cash equivalents stood at $7.76 million, with restricted cash at $4.23 million. Marketable securities net of margin were valued at $11.72 million. The company extended its senior mortgage and mezzanine loans to January 1, 2025, amid ongoing efforts to secure long-term refinancing solutions. The financial outlook remains cautious, with uncertainties surrounding the Hotel's ability to refinance debt on favorable terms.