1st Sep 2021 13:23
Dalata Hotel Group PLC - Irish hotel operator - For the first half of 2021, pretax loss narrows to EUR37.8 million from EUR70.9 million the year before, due to swinging to a gain on net property revaluation movements. This more than offset a 51% decline in revenue to EUR39.6 million from EUR80.8 million.
Revenue per available room fell 50% to EUR16.28 from EUR32.69 , while occupancy fell to 19.9% from 34.3% and Dalata's average room rate decreased 14% to EUR81.99 from EUR95.28.
Looking ahead, due to the reduction in restrictions in the UK and Ireland, Dalata notes strong domestic demand for its hotel with occupancy improving month-on-month and rising to 68% in August. For the two months period of July and August, Dalata expects adjusted earnings before interest, tax, depreciation and amortisation to reach EUR28 million, compared to EUR1.4 million for the six months ended June.
Also, Dalata announces the departure of Deputy Chief Executive Officer Stephen McNally from his role and the board. McNally will step down from the board in early 2022, and remains in his executive position while the group completed a succession process.
McNally has held his current position since 2007, and is a founding executive of Dalata.
Current stock price: 333.92 pence
Year-to-date change: down 0.7%
By Dayo Laniyan; [email protected]
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