Meliá Hotels Internacional has lost half a million euros between January and March 2023 and is close to black numbers. A situation that contrasts with the one it was experiencing exactly a year ago given that in the same period of the previous year it registered losses of 59.3 million. “Operational normality confirmed after the pandemicverifying the solidity of the tourist recovery”, explains the company in the statement sent to the National Securities Market Commission (CNMV).
The improvement in the business is reflected in the increase in revenue, which has gone from 271.4 million between January and March 2022 to the current 396.1 million, which means a 45.9% increase. In addition, they are 0.8% above those registered in 2019, just before the pandemic.
The gross operating profit (ebitda) stood at 77.9 million compared to 22.7 million in the same period of 2022. There has been an increase in variable rent associated with the improvement in business and the change of contract of some hotels, which have gone from fixed to variable. During the first quarter of the years 2023 and 2022 No real estate operations have been carried out that have generated capital gains in fixed assets.
At the end of March, Meliá accumulated a net debt of 2,736.5 million euros, which represents an increase of 63.5 million if compared to the debt it registered at the end of 2022. The group explains that this is due to the seasonality of the business, it must be taken into account that the first quarter is always the weakest for hotel companies. Despite the increase, the group explains that reducing liabilities is one of their priorities and they will do so through operating cash flows and asset turnover that you are already working on.
Positive outlook for the coming months
The group’s prospects for the coming months are good and they expect the upward trend that began a year ago after deeming the Ómicrom variant to be over. In fact, the data supports Meliá’s expectations. During Holy Week, which is counted in the second quarter, there has been an increase in revenue of 26.4% compared to 2019, together with occupancy levels slightly higher than that year and with double-digit rate growth. Looking ahead to the summer, the book reservations for the vacation hotels of the Escarrer family group are 31.4% higher than those registered on the same date in 2019.
For the recovery that Meliá expects in the coming months will be thanks to the reopening of Asian markets. Despite the fact that the borders have been open since the end of 2022, it is not expected that it will be until the second half of the year when it will have an impact on national and international tourism.
Call the shareholders’ meeting
Meliá’s board of directors met this Thursday and agreed to hold the general shareholders’ meeting on June 22 and 23 on first and second call.
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