MADRID, Nov 11 Reuters Spain39;s Melia Hotels reported a 40 rise in thirdquarter net profit on Monday, attributing the bigger than expected increase to a strong summer season as it reaped the benefits of its investments in luxury rooms in holiday resorts.
The country39;s largest hotel chain said net profit for the three months totalled 74.9 million euros 80.06 million with revenue rising 2.7 to 584 million euros as the number of foreign tourists in Spain this summer reached a record high.
For the third year in a row we have a positive summer season, which is anchored in the willingness to travel…and the increasing demand for premium and luxury products and services, Melia39;s Chief Executive Gabriel Escarrer said in a statement.
Analysts, on average, had expected net income of 67.15 million euros and sales of 582 million euros.
Ninemonth net profit was 118.6 million euros on sales of 1.54 billion euros, 4.5 higher than the Mallorcabased company, where premium rooms count for more than half of its total offer, reported in the yearearlier period.
Airlines and the main Spanish airport operator, Aena, expect passenger traffic in the country will continue growing during the winter season and believe numbers can beat last year39;s record.
Melia Hotels39; sales were strongest on the Spanish coast and the Balearic Islands thanks to the increase in tourists, especially from Britain, but sales at its urban hotels were also higher.
Quarterly revenue per room rose 11 from…