Orbis: recovery on hotel market in Q3 2010?

2010-02-26

The company Orbis does not expect Poland's hotel market to begin picking up until the third quarter of 2010 at the earliest.
According to the group's senior management, there was a sharp drop in both domestic and foreign customers for hotels in 2009 and the number of conferences and events using hotel services likewise dwindled. Because of the uncertain economic situation and weak demand no upturn should be expected before the third quarter. Orbis' senior management has decided to withdraw from the tourist branch, including travellers services and inbound-outbound tourism. This move was due to a drop in the number of travellers and the unfavourable exchange rate.
In the final quarter of 2009 the group's revenues shrank by 15% compared with 12 months' previously and last year as a whole it reported a consolidated net loss of PLN 5.3m (€1.3m) and revenues of PLN 849m (€212.3m).

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