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Sol Melia posted a small profit

Spanish hotel chain Sol Melia said it saw signs of a ‘slight recovery’. The chain’s results for 3rd quarter show revenue of €9m, down 11.9% year-on-year. Earnings before interest, tax, depreciation and amortisation fell by 30.9% over the same period, from €124.3m to €85.9m. The company made a small net profit of €1.2m. Sol Melia said the economic crisis has affected city hotels in particular, due to a decline in business travel. Its resort hotel business, meanwhile, has been hit by reductions in contracted capacity from tour operators. As a consequence, Revenue per available room fell by 17.7% to June. However, the company said an improvement in bookings, particularly last-minute sales for the summer season, gave it confidence for a ‘slight recovery’ in Q3.

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