Financial Results 2003
The pre-tax profits for Hyatt Regency Hotels & Tourism (Hellas) S.A. for the year 2003 (01.01.2003 - 31.12.2003) have increased by 9,96% to 60,7 million euros, comparing to the 55,2 million euros of the year 2002. All profits are operational profits. The turnover of the Company increased 2,13% which amounts to 175,6 million euros, while the gross operating profit increased 5,1% when comparing to 2002. The Company's gross margin increased to 49,68% in 2003 against 48,27% in 2002.
It should be noted that the results were charged with 2,09 million euros bank interest, due to a 46,2 million euros loan for the purchase of the Mont Parnes Complex. The equity funds on 31.12.2003 were 138,2 million euros, comparing to 126,2 million euros in 2002. This shows an increase of 9,46%.
Hellenic Casino of Parnitha S.A. (HCP) is included in the consolidated results and its turnover is showing an increase of 15,7% representing 60,7 million ? for the eight month operational period (May - December). This was after HRHT acquired its shareholding and management of HCP. For the two months of 2004, the gaming revenue has increased by 31,5% comparing to the relevant period of 2003. It should be noted that the primary refurbishment period of the Project of Mont Parnes has already been completed. A complete renovation will follow.