A gradual reopening of international tourism helped Spain's Melia Hotels MEL.MC reduce its net annual loss by 68% in 2021, the company has said, as it forecast the recovery from the COVID-19 pandemic would continue to gather steam this year.
Net Loss And Revenue
The Mallorca-based group's net loss narrowed to €192.9 million in 2021 from €595.9 million a year earlier, it said, while revenue jumped 71% to €902.4 million.
Statement By Chief Executive
"Our 2021 results show clear signs of recovery in the industry, with a very significant increase in our revenues quarter after quarter despite the impact of Omicron in December," chief executive Gabriel Escarrer said in a statement.
Bookings For Summer
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Bookings for this summer already exceed 2019 levels and are at higher average prices, the company said, adding that it expected 2022 to be a "historic year for resort tourism".
Russia's Invasion Of Ukraine Impact
Melia said that it was premature to give a definitive assessment of how Russia's invasion of Ukraine would affect its business but said that any impact was likely to be limited and would not overshadow the expected recovery from the pandemic.