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Danubius 2010 revenue dips slightly

Hungary's Danubius Hotels Group posted consolidated net sales revenue of HUF 42.9 billion in 2010, down from HUF 43.5 billion in 2009 due to disadvantageous movements in the forint-euro exchange rate and travel disruption stemming from the volcanic eruptions in Iceland last spring, the company reported in its unaudited, preliminary consolidated IFRS report on Tuesday evening.

The Danubius Hotel Group sustained consolidated pre-tax losses of HUF 1.5 billion in the fourth quarter of 2010, compared to consolidated pre-tax losses of HUF 1.6 billion in Q4 of 2009. The company had consolidated pre-tax losses of HUF 965m in 2010, after loosing HUF 407m in 2009.

The group's net sales revenue rose to HUF 9.7 billion in the fourth quarter of 2010 from HUF 9.3 billion in Q4 of 2009.

The revenue of Danubius hotels in Hungary fell 2% to HUF 25.2 billion in 2010 due to lower revenue from room and food and beverage services. The revenue of Danubius hotels in Slovakia and Romania also decreased 2% in 2010 to HUF 9 billion and HUF 1.5 billion, respectively.

The revenue of Danubius hotels in the Czech Republic rose 3% to HUF 7.3 billion in 2010 due to higher costs and more guest nights.

The Danubius Hotels Group had operating losses of HUF 1.19 billion in the fourth quarter of 2010, compared to a loss of HUF 1.21 billion in Q4 of 2009. The group had operating profit of HUF 357m for all of 2010, compared to operating profit of HUF 1.12 billion in 2009.

The group sustained financial losses of HUF 351 billion in the fourth quarter of 2010, compared to losses of HUF 346 billion in Q4 of 2009. Consolidated financial losses for all of 2010 were HUF 1.3 billion, compared to losses of HUF 1.5 billion in 2009.

Consolidated EBITDA was minus-HUF 8m in the fourth quarter of 2010, compared to plus-HUF 16m in Q4 of 2009, and HUF 4.9 billion for all of 2010, compared to HUF 5.8 billion in 2009.

The group occupancy rate was 60% in 2010, compared to 58.9% in 2009. The company employed an average of 4,646 people in 2010, compared to 4,876 in 2009.

Total assets were HUF 87.3 billion at the end of 2010, compared to HUF 87.1 billion at the end of 2009. (MTI-Econews)