Spain-Based Melia Hotels International, Largest Operator In Cuba, Issues Third Quarter Report. "Positive Trending" International, "Shrinking Domestic" Markets
/Meliá Hotels International Results- Meliá closed a positive 3rd quarter, with an increase of +16.1% in revenue (€1,478.3M) and +71.6% in net profit (€108.6M) in the year to September.
Cuba saw a positive evolution in international tourism, as opposed to a shrinking domestic market, with rates suffering the negative impact of the devaluation of the Cuban peso. There was a slight increase in flight operations and an improvement in the nationality mix, led by the Tour Operation segment. In the months to come, foreign markets are expected to continue growing and occupancy levels are set to improve.
In Cuba, evolution was as expected. On the one hand, international tourism maintained a positive trend, whereas the domestic maket is still showing a contraction. This trends, together with the devaluation of the Cuban peso, has implied significant drops in average rates. The positive note is given by the slight increase in air operations, where increased connectivity allowed for a positive mix of foreign markets. At the segment level, our tour operator partners continue to be the leaders in the destination, followed by our direct clients.
Third Quarter Media Release in PDF
