The Sol Meliá profits increase by 74%

Sol Meliá announced on Friday July 21, their economic balance for the hotel chain for the first six months of 2000.

The net consolidated profit for the first Mallorcan multinational hotel chain were 9,850 million pesetas - 59.2 million euros -, which represents an increase of 74% with respect to 1999. As well, the total gross income by Sol Melia amounted to 63,576 million pesetas - 382.1 million euros -, 26% more than the previous year.

As for the exploitation benefits, before interest, capital returns and taxes (EBITDA) the figure reached was 19.300 million pesetas - 116 million euros -. 41% more than the previous

The news of the excellent results by Sol Meliá reflected positively in the stockmarket. So that while the index IBEX35 receded 0.96%, the shares of Sol Meliá closed on Friday with an increase of 5.88%.

Since the beginning of the year up to June 20, 2000, Sol Meliá has incorporated 14 new hotels. At present it offers a total of 272 hotels in 28 countries on 4 continents, equivalent to 71,240 rooms.

After the announcement of the creation of a General Division for E-Business, the hotel company has started the launch of important initiatives B2C (Business to Consumer) and B2B (Business to Business). To this end, in the first half of 2000, Sol Meliá together with Telefónica, BBVA and other tourist groups, has participated with 24.5% of the creation of the electronic commerce doorway between hotel companies and suppliers (B2B) It also participates with 10.6% of the recently created doorway on Internet "Prodigios", dedicated to topics of leisure, tourism and education.

More information: Press Release by Sol Meliá

Date of publication: 22/07/2000

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