Intercontinental losses increase

Compania Hoteliera Intercontinental Romania (Intercontinental Romania Hotel Company), the owner of the Intercontinental and Lido hotels in Bucharest, saw losses increases in the first half of the year, despite a rising turnover. The company finished the first two quarters with 57.4bn ROL (1.4 million euros) in losses, more than four billion ROL more than in the same period in 2003. The company incurred both operating and financial losses in this period. Its first half-year turnover amounted to 171.4bn ROL (4.3 million euros), up from the 134bn ROL (around 3.8 million euros) seen at the same time last year, according to the company reports filed with RASDAQ. The company saw both higher revenues and higher expenses in the first half of the year, with total revenues at 173.8bn ROL and nearly 40bn ROL higher than for 2003, while expenses increased by an amount of 43bn ROL to 231.2bn ROL. ZF