The InterContinental Hotel Company, which manages the hotel of the same name in Bucharest, recorded a loss of 3 million RON in the first half of this year, compared to a net profit of 4.65 million RON in H1 2019, on revenues of 9.13 million RON, a 71.5% decrease.<\/p>\n\n\n\n
According to the report submitted to the BVB (Bucharest Stock Exchange), the InterContinental hotel was closed between 25.03.2020 and 29.06.2020. After the hotel reopened, a drastic decrease in occupancy was observed, with October reaching an occupancy rate of 12%. Based on currently available public information, the company’s current key performance indicators, and considering the actions initiated by management, we anticipate a direct, immediate, and significant negative impact of the COVID-19 epidemic on the company, its operations, financial position, and operating results, the report states.<\/p>\n\n\n\n
Operating revenues amounted to 9.2 million RON, down 71.5%, and operating expenses were 12.6 million RON, half of H1 2019 levels, resulting in an operating loss of 3.4 million RON, compared to a profit of 5.6 million RON in the same period of the previous year.<\/p>\n\n\n\n
As of June 30, 2020, the company had an actual number of 177 employees, 18 fewer than at the end of 2019. Of the total 177 employees, 94 were affected by collective dismissal.<\/p>\n\n\n\n
Starting March 16, staff entered a period of reduced working hours from 5 to 4 days per week, and from March 25 to June 29, when the company resumed activity, 7 employees from the management team had a reduced working schedule from 8 to 3 hours, with a corresponding salary reduction.<\/p>\n\n\n\n
Starting in October, the company applies the Kurzarbeit support measure, through which approximately 50% of employees switch to a 4-6 hour working day, with an effective working time of at least 50%.<\/p>\n\n\n\n
The Intercontinental Hotel Company is owned 32.9% by Mountbay Limited from Cyprus, 16.3% by Astra Insurance-Reinsurance, 15.7% by The Nova Group Investments Romania, 13.5% by SIF Banat-Crisana, and 10% by Lido Bucharest.<\/p>\n\n\n\n
The company’s shares are trading down 25.5% since the beginning of the year, on a turnover of 1.2 million RON, with the issuer reaching a market capitalization of 118.4 million RON.<\/p>\n\n\n
The company recorded a loss of 3 million RON in the first half of 2020, a significant decline from the 4.65 million RON profit achieved in H1 2019.<\/p>\nHow long was the hotel closed due to COVID-19?<\/strong>\n The InterContinental hotel was closed from March 25, 2020, until June 29, 2020, following pandemic-related restrictions.<\/p>\nWhat labor measures did the company implement?<\/strong>\n The company implemented collective dismissals for 94 employees, reduced working hours, and adopted the Kurzarbeit support scheme starting in October.<\/p>","protected":false},"excerpt":{"rendered":" The InterContinental Hotel Company, which manages the hotel of the same name in Bucharest, recorded a loss of 3 million RON in the first half of this year, compared to a net profit of 4.65 million RON in H1 2019, on revenues of 9.13 million RON, a 71.5% decrease. According to the report submitted to…<\/p>\n","protected":false},"author":0,"featured_media":70003,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2852],"tags":[2924],"thb-sponsors":[],"class_list":["post-118117","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hotels-restaurants","tag-intercontinental-en"],"article_style_override":"on","post-style":"style2","post_via":"","post-top-image":"https:\/\/rhn.ro\/wp-content\/uploads\/2019\/11\/hotelieri-2.jpg","_links":{"self":[{"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/posts\/118117","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/comments?post=118117"}],"version-history":[{"count":0,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/posts\/118117\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/media\/70003"}],"wp:attachment":[{"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/media?parent=118117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/categories?post=118117"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/tags?post=118117"},{"taxonomy":"thb-sponsors","embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/thb-sponsors?post=118117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}