InterContinental remains in the red

Hotel company InterContinental Romania has concluded the first quarter of 2005 with 29.3bn ROL (811,000 euros) in losses, according to a report by its board of directors. This year could become the fifth consecutive year in which InterContinental Romania reports with negative results. The company made losses of 382.9bn ROL (13.5 million euros) in 2001, 153.3bn ROL (4.48 million euros) in 2002, 102.4bn ROL (2.53 million euros) in 2003 and 50.3bn ROL (1.29 million euros) in 2004. Total company revenues for the first three months came to 81.7bn ROL (2.2 million euros), of which its hotel, restaurant and goods sales operations, accounted for 99.8% of the total, with 0.15% resulting from exchange rate differences. Amortisation expenses accounted for most of the total operating expenses of 428.4bn ROL (11.85 million euros). The company did not reveal its first-quarter results for 2004, but data released for the first half of the year show it to have made 171.4bn ROL (4.18 million euros) in profits and 51.3bn ROL (1.4 million euros) in losses. ZF