EnglishIntercontinental Romania Hotels Company (RASDAQ:RCHI) concluded last year with losses of 27.6 million RON (8.17 million EUR), up by 56.4% from 2005 as the company set up provisions of 33.26 million RON to cover the stake in Hotel Lido. In 2005, the company lost 17.65 million RON.
Following the court"s decision to return Hotel Lido to the initial owners, the Angelescus, the Intercontinental Romania Board decided to set up provisions equal to the company" stake in Hotel Lido - 33.26 million RON / 10 million EUR - pending the clarification of the case. This was the main cause of the 27.5 million RON gross losses in 2006.
The company posted 45.88 million RON (13.57 million EUR) in turnover for 2006, up by some 21% from 2005, when the business totaled 37.94 million RON. Revenues reached 55.5 million RON, whereas expenses totaled 83 million RON. Operating expenses declined 9.4% from 49.89 million RON in 2005 to 45.2 million RON in 2006. Some 100 rooms were renovated, which impacted the occupancy rate down to 57% from 63% in 2005.
The company has a share capital of 83.35 million RON divided into 833.54 million shares with a face value of 0.1 RON. The main shareholders are RHIC Holdings SA (49.12%), Viorel Paunescu and several individuals he acts in concert with (12.44%), Lido SA (11.89%) and Finmacht SA (5.12%). The market capitalization is 208.39 million RON.
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