Orient-Express profits jump in Q2
Orient-Express Hotels has seen a huge rise in profits in the second quarter of 2011. The luxury hotel, train and cruise company reported adjusted net profits of US$7.5 million for the three-month period – 127% higher than the US$3.3 million it registered in the same period last year. Revenues rose 23% to US$177.4 million.
In Asia Pacific, revenue for the second quarter of 2011 climbed 25% to US$9.4 million, with growth at all properties except Napasai, Koh Samui, which temporarily closed for a renovation of its beach area. Revenue per available room (revPAR) increased by 26% in US dollar terms.
“Orient-Express performed well in the second quarter, reflecting continued positive momentum in the luxury leisure travel market and the solid performance of our iconic properties as well as our train, cruise and other assets,” said the company’s chairman and interim CEO, Bob Lovejoy.
“Looking forward, we are encouraged by signs of continued recovery in our market – including favorable booking trends. In addition, we see substantial potential to grow revenue through disciplined capital expenditure programmes and our marketing and brand-building initiatives, as well as opportunities to enhance profitability through continued operational improvement.”