Thalassa Holdings Limited provided earnings guidance for the year ended 31 December 2016. The company expects profit for the year ended 31 December 2016 to exceed market expectations. It estimates that group will report revenue of approximately $14.0 million and profit before tax (excluding consolidation of the holding in The Local Shopping REIT plc using the equity method) of approximately $2.2 million. 2016 year-end cash position is estimated at $7.7 million. The above-expectation performance is primarily due to the partial release of contingencies, which are no longer necessary, and non-operating gains from currency and commodity hedging of in excess of $1 million. In addition, the Group still has a Self Insured Reserve (which covers any eventual excess payment due on insurance claims) of $250,000 and a further reserve in the region of $500,000 to cover maintenance, refurbishment and upgrades to fixed assets.