Worldwide briefing

16 May 2002 by
Worldwide briefing

Orient-Express hit

Hotel, restaurant, train and cruise ship operator Orient-Express Hotels reported a 90% fall in pre-tax profits in the three months to 31 March, to $512,000 (£350,829) from $5.5m (£3.7m) for the same period in 2001. Turnover dropped by 7% to $53.7m (£36.8m) from $57.9m (£39.7m) a year earlier. The group said the decline was caused by the "lingering effects" of 11 September.

Aramark surge

US-based contract caterer Aramark Corporation recorded a 14% increase in turnover in the three months to 29 March, to $2.15b (£1.47b) compared with $1.9b (£1.3b) for the same period in 2001. Profit increased by 36% to $40m (£27.4m) from $23.8m (£16.3m) a year earlier.

Come on you reds

Manchester United Football Club is opening 90 restaurants in Asia. The restaurants, to be called Reds, will open in Singapore, Malaysia, Brunei, Indonesia, Thailand, Hong Kong, China, Taiwan, Korea, Japan, India and the Philippines. The first Reds restaurants are planned to open in Singapore and Beijing before the third quarter of this year.

NH profits rocket

Spanish hotel group NH Hoteles has posted a 53.1% increase in profit in the first three months of the year. Profit grew to €22.2m (£13.8m) from €14.5m (£9m) for the same period a year earlier. Turnover increased by 6.1% to €175.5m (£109.4m). NH said the increased profit included €15.8m (£9.8m) from the sale-and-leaseback of four hotels in Spain.

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