Hotel Firm Turism Felix Sees 2011 Pretax Profit Halved At RON3M

04.21.2011 By Andrei Circhelan

Romanian hotel company Turism Felix (TUFE.RO) Thursday said it expects a pretax profit of 3 million lei (some EUR730,000) this year, half the result posted in 2010, since tourist numbers should drop while costs are seen similar.

Romanian hotel company Turism Felix (TUFE.RO) Thursday said it expects a pretax profit of 3 million lei (some EUR730,000) this year, half the result posted in 2010, since tourist numbers should drop while costs are seen similar.

Turism Felix sees sales down 6.6% this year, to RON45.3 million, according to the company's shareholder-approved budget.

Revenue is seen down 7% in 2011, to RON49.1 million, while expenditure is seen inching down by 0.7% on the year, to RON42.7 million.

The company based its tourist number decrease expectations on the lower amount of tourists using public pension vouchers.

However, wider spa tourism and more tickets sold through private agencies should compensate this decline to some extent.

Turism Felix plans to invest RON2.4 million in 2011, an amount similar to last year's investment budget.

The company holds a total seven hotels in the northwestern resort of Baile Felix, with rankings between two and four stars. In addition, the Turism Felix operates three public pools and one public food court. In total, the company has 2,394 beds, 2,892 restaurant seats, five spas, and 1,100 conference room seats.

Turism Felix is 63.2% owned by regional investment fund SIF Transilvania (SIF3.RO), while SIF Oltenia (SIF5.RO) holds a 16.85% stake.

Company shares were last traded Monday, at RON0.1796, down 2.39% on the reference. (EUR1=RON4.0906)