The Spanish hotel company Sol Meliá ended the first quarter of 2000 with results that were ahead of objectives for the period, obtaining earnings before interest, taxes, depreciation and amortisation (EBITDA) of 9,772 million pesetas - 59 million euros -, an increase of 41.2% over the same period in 1999. Consolidated revenues grew to 29,444 million pesetas - 177 million euros -, a 27% increase with respect to 1999.
Consolidated net profits for Sol Meliá for the first quarter of 2000 reached 4,300 million pesetas -26 million euros-, a 41.16% increase over 1999.
The results are due in part to the excellent performance of the European City Division hotels, both in Spain and in London and Paris, where the hotels purchased by the company last year have generated significant additional revenues due to their superior Average Room Rates.
Improved performance is also due to the recovery of results in hotels in the company`s Americas Division. With regards to the company`s hotel management business, improvements have been seen in the results of the Cuban Division, while there has also been a steady improvement in the performance of hotels in the Asia-Pacific Division.
From the beginning of the year to 8th. May, Sol Meliá shares had risen in value by 16.8%, as they reached a value of 13.14 euros per share, placing the company at seventh in the growth ranking on the Ibex 35 market. During the year, shares have reached a maximum value of 13.94 euros.