The Socimi earned €38.6 million in the first quarter, down by 36%, due to the sale of assets and its provisions for Covid that will have a lesser-than-expected impact on its commercial policy.
New measures, provisions and a lower impact on its commercial policy. That is how Merlin Properties is facing the crisis generated by Covid-19, which has seen the majority of its commercial tenants having to close their premises.
Despite this, Merlin generated revenues of €131.8 million euros during the 3 months to March, down by 0.6%, whilst gross rents after incentives stood at €123.3 million, equivalent to 2.6% less.
13 May 2015 – Expansión
Melia Hotels International’s results are improving, driven (primarily) by the strength (of the recovery in the) Spanish tourism sector. The chain controlled by the Escarrer family increased revenues by 13.64%, to €358.9 million during the first quarter (of 2015). Its gross operating profit (EBITDA) improved by 13.52%, to €60.2 million, whilst net profit doubled, from €8.15 million to €16.17 million.
Melia attributed this progress to the good performance of the hotel business, in which RevPar (revenues per available room) increased by 12%. And the increase was not driven by the holiday segment alone, the RevPar of the urban business segment also rose, by 14.8%.
For the full year, the company expects the increase in RevPar to be in the high single digits. Melia experienced a 5% increase in demand in Spain during Semana Santa (Easter), which it expects will be maintained this summer. In the Mediterranean, reservations for the summer season are almost 15% higher than in 2014. During the year to March, the group had signed 14 new contracts. Melia’s share price increased by 0.04% on the stock exchange yesterday to €11.24 per share.
Original story: Expansión (by Y. Blanco)
Translation: Carmel Drake