NH Hoteles S.A. Announces Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2013; Provides Earnings Guidance for 2013
For the six months, the company reported revenue of 631.5 million compared to 651.8 million a year ago. Gross operating profit was 190.2 million compared to 212.4 million a year ago. EBITDA was 50.9 million compared to 67.4 million a year ago. EBIT was 3.1 million compared to 11.2 million a year ago. LBT was 35.2 million compared to 13.8 million a year ago. Net recurring loss was 35.0 million compared to 12.8 million a year ago. Non recurring EBITDA was 35.4 million compared to non recurring LBITDA of 7.7 million a year ago. Net financial debt was reduced from 990.6 million at the March 31, 2013 to 686.2 million at the June 30, 2013, as a result of the capital increase of HNA entering into the shareholder structure and the reduction in debt with the disposal of the NH Krasnapolsky hotel together with the ordinary repayment schedule of the syndicated loan.
For the year 2013, the company had forecasted a weak first semester and the results are in line with budget, therefore, the outlook announced at the beginning of the year is maintained: a slight increase in revenues for the year and growth in the recurring EBITDA of between +5% and +10%, excluding the effect of the disposal of the NH Krasnapolsky hotel.