Total revenue reached RON10 million in the first half of 2020, compared with RON32.4 million in the same period in 2019, and expenses halved to RON13 million, per the company’s financial report.
Intercontinental’s revenues were affected by lockdown rules and restrictions during the period of the state of emergency, between March and May 2020; this year’s occupancy rate is way below that in 2019.
The company is 32.9% owned by Cyprus-based Mountbay Limited and 16.3% held by Societatea de Asigurare-Reasigurare Astra, also known as Astra Asigurari, while The Nova Group Investments Romania owns a 15.7% stake, regional investment fund SIF Banat-Crisana has a 13.5% ownership and Lido Bucuresti holds 10% of the share capital.
RCHI shares have been trading down 22% on the Bucharest Stock Exchange since the beginning of 2020.