NH Hoteles, the positive trend in EBITDA seen in the first half continues, in spite of the slowdown in sales in the first nine months of 2003
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15/11/2003 09:29
Consolidated earnings rose by 2.2%. Earnings from the hotel business increased by 2.3% and real estate sales by 1.2%.
The trend in the hotel business improved. EBITDA reached €93.15m, a fall of 36.2% compared to the 38.7% drop in the first half, thanks to better control over operating costs.
In the third quarter, the comparable hotels posted a substantial improvement in operating costs, which were cut by 4.7%.
Losses at the hotels acquired from Astron were also lower than in the first half of the year.
A highlight is the improvement in Mercosur and Mexico, making an EBITDA contribution of €11.7m in spite of the “currency impact”.
Sotogrande’s EBITDA contribution increased by 22.6% to €9.6m.
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