Sol Meliá Achieves Revenues Of 1,016 Million Euros In 2001

Sol Meliá has published financial results for the company for the year 2001 showing a 14% increase in revenues to 1,016 million Euros compared to the previous year and a 3.2% increase in earnings before interest, taxes, depreciation, amortization and rentals (EBITDAR) to 299 million Euros.

Net profits, however, decreased by 45% to 64.7 million Euros. This decrease is mainly due to the fact that there were extraordinary profits of 29.6 million Euros in the year 2000 after the sale of four hotels and, especially, to the significant decrease in demand and hotel occupancy in the final quarter of 2001 as a result of the tragedy of September 11th..

The impact of this decrease in demand can also seen from the comparison of net profits for the first three quarters of 2001 which, although they are compared against figures which already included the extraordinary profits from the sale of hotels, were only 10% below the figure for the year 2000.

Hotel RevPar (revenue per available room) for Sol Meliá as a whole reached 47 Euros, an increase of 1%, while average hotel occupancy was set at 69%.