InterContinental rides losing streak

Hotel Company (CH) InterContinental Romania last year managed to cut losses to 102 billion ROL (2.7m euros), down from 153 billion ROL (5m euros) in 2003. It was the company’s third loss-making year in a row, according to the financials submitted to electronic market Rasdaq. CH InterContinental logged almost 292 billion ROL (7.7 million euros) in turnover, up more than 10 billion ROL from 2002. Viorel Paunescu, chairman of the company’s board could not be contacted by press time. Total revenues were worth 320.1 billion ROL, up from 294bn ROL in 2002, whereas spending went down from 447bn ROL to 422bn ROL. ZF