Business Travel Show Europe Kick Off, 23 February,
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3rd Annual Sustainable Business Travel Summit
Spanish hotel group Sol MeliÃ¡ reported a sharp drop in net profits for the first half of 2008.It announced net profits of 36.7m for the six months to the end of June compared with 63.9m for the same period in 2007.Revenues also fell from 635.7m in 2007 to 618.5m this year.The group blamed the fall on the economic slowdown, the exchange rates for the Euro against the US dollar and British pound and a lack of money form sale of assets. The company said it had also reduced its investments planned for 2008 from 300m to 200m because of the economic situation.But it said was maintaining its "ambitious" growth plans having singed up agreements during the first six months of 2008 to add 3,600 new rooms in seven countries.These include hotels in Greece, Germany, Brazil, Egypt and Croatia.Sol MeliÃ¡ said it expected demand to "weaken a little this summer, although the impact will be deeper in Spain and the United Kingdom, two of our most important feeder markets."But while it said the strength of the Euro to continue to have a "negative impact", it expected the US market to "show a more positive trend."
Travelport moves into the black
Travelport Limited, the company which owns two major GDSs Galileo and Worldspan, made a net profit of $59m in the second quarter of the financial year.This compares with a loss of $22m in the same quarter in 2007.Travelport said it had pre-tax earnings of $187m, a 55% increase compared with the same period in 2007 and a net revenue of $703m, a 2% decrease on figures for 2007.Figures for Travelport GDS show a 45% increase in revenue from $408m to $592m and pre-tax earnings up 37% from $120m to $164m.But Galileo's figures showed an almost static revenue of $407m compared with $409m in 2007 and pre-tax earning rising by 2% from $120m to $123m.There are no comparable figures for Worldspan as Travelport only fully acquired the company last year.