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Orient-Express signals recovery
Orient-Express Hotels has announced that net earnings were up 37 per cent for the second quarter of 2004 and up 22 per cent in total for the six months to 30 June.
The group – which owns 45 hotels, restaurant, tourist train and river cruise properties in 21 countries – stated that quarter net earnings were $12.9m (£6.9m) on revenue of $104.2m (£56.52m), an increase of 37 per cent over net earnings of $9.4m (£5.09m) in the comparative earlier quarter period.
Net earnings for the six months were $8.3m (£4.5m) on revenue of $170.3m (£92.3m), an increase of 22 per cent over net earnings of $6.8m (£3.68m) in the 2003 period.
Meanwhile, operating profits from the largely European-based tourist trains more than doubled, from $2m (£1.08) to $4.6m (£2.49m) in the quarter.
Chair of Orient-Express Hotels, James B. Sherwood, said that the group was experiencing a broad recovery of demand for all its products, in all of its markets.
Sherwood also explained that, while operating profits from the group’s European hotel branch were slightly down, this was due to the absence of the earnings from the Hotel Quinta do Lago, which was sold in late 2003.
Sherwood added that capital expenditure in existing properties is beginning to produce solid returns for the company, and also that the company is currently pursuing acquisitions in Europe, North America and southeast Asia, in hotels, tourist trains and river cruising.”