MADRID (Reuters) – Spain’s largest hotel chain, Melia Hotels, on Monday said its net profit over the first nine months of the year rose 24% to 118.6 million euros ($126.83 million) beating analysts’ expectations, thanks to a good summer season. The company also said it reaped the benefits of its investments in luxury rooms in […]
MADRID (Reuters) – Spain’s largest hotel chain, Melia Hotels, on Monday said its net profit over the first nine months of the year rose 24% to 118.6 million euros ($126.83 million) beating analysts’ expectations, thanks to a good summer season.
The company also said it reaped the benefits of its investments in luxury rooms in holiday resorts.
Revenues at the hotel chain, which offers more than half of its room as premium ones, rose 4.5% in the year to September to 1.54 billion euros, in line with analysts’ estimates.
The Mallorca-based company’s third-quarter sales were 584 million euros, 2.7% higher than in the same period of 2023, the company added.
Analysts, on average, had expected net income of 110 million euros and sales of 1.54 billion euros during the first nine months of the year.
($1 = 0.9351 euros)
(Reporting by Corina Pons, editing by Inti Landauro)
