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Dalata Hotel swings to loss as pandemic dents occupancy; CEO to step down
StockMarketWire.com
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Irish hotelier group Dalata Hotel swung to an annual loss as the Covid-19 restrictions on travel weighed on occupancy and revenue.
The company also said that chief executive officer Pat McCann would step down. McCann would be succeeded by Dermot Crowley, currently Deputy CEO.
For the year ended 31 December 2020, pre-tax losses were €111.5 million, compared with a profit of €89.7 million year-on-year as revenue fell 68.1% to €136.8 million.
Occupancy fell to 30.9% to 82.6% year-on-year and average room rate was €88.77, down from €113.14.
Revenue per available room, or RevPAR fell 70.6% to €27.45.
Looking ahead, occupancy as expected had remained muted in January 12% and February 15% with an adjusted EBITDA loss expected to be approximately €2.5 million for the first two months, the company said.
'The outlook for the near term remains uncertain at present and it is not yet known when international travel will return to more normal levels,' it added.
At 9:43am: (LON:DAL) Dalata Hotel Group Plc share price was 0p at 313.25p
Story provided by StockMarketWire.com
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