Ciboney Group's accumulated deficit inched up to $391.08 million as the company slid further into the red, its half-year results to November 2006 show.

Ciboney's short-term liabilities top $127 million, almost double its current assets of $68 million. Its debts include $99.4 million of interest payable.

Fixed assets

Fixed assets recorded on the balance sheet at $44 million were insufficient to cover net liabilities.

The resort company made a loss of $684,000 off revenues of $1.6 million in its first six months to November, completely eroding the $11 million of profits recorded in the year prior period off revenues of $41.8 million.

Earnings per share

Its earnings per share slid into negative territory, -0.13 cents, compared to 2.02 cents returned in November 2005.

The resort company hopes to slim its losses from the sale of its sole remaining asset, a 16-acre property in Westmoreland. The company had got a $100 million offer for the property but was holding out for more, director Geoffrey Messado said in October.