Gabriel Escarrer, CEO of Meliá. | Archive

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On Monday, the Mallorcan hotel group Meliá Hotels International presented its first-quarter results to the National Stock Market Commission, and these showed that revenue had almost quadrupled. The company stated that, after a very positive Easter, expectation for the holiday market is above 2019 levels.

Revenue for the quarter was 271.4 million, well over three times more than in the first quarter of 2021 but still 20.9% below the 2019 pre-pandemic figure. Gross operating profit was 22.7 million; in 2021 there was a negative 51.2 million. At the end of the quarter, the company's liquidity was 310 million euros.

CEO Gabriel Escarrer said: "Following the strong impact of the Omicron variant, the company's reservations experienced notable increases week after week (double digits), exceeding the sales of Holy Week 2019. The clear recovery of the holiday segment in all Spanish destinations has been consolidated."

As to forecasts for the summer, Meliá anticipates a second quarter with weekly growth in bookings for holiday hotels and growth in its conferences segment.