In the second quarter, the company reduced its losses from RON2.19 million after the first quarter.
In the first six months, Intercontinental’s revenues decreased by 16%, to RON21.1 million, while expenses were 7% lower, at RON22.8 million. Turnover was down 11% on the year, at RON20.5 million.
This year, the company expects profit to exceed RON1.5 million, up by 22% on 2011, according to the budget approved in April by the shareholders.
Cyprus-registered Mountbay Limited holds 32.9% in Intercontinental. The company is associated with The Nova Group Investments Romania in Zeta SPV Development Bucuresti. The Nova Group is owned by businessman Dan Adamescu, while Zeta SPV is managed by Alexander Adamescu, Dan Adamescu’s son.
Dan Adamescu indirectly holds 32.03% in Intercontinental, through insurer Astra and The Nova Group Investments.
Lido holds an 11.89% stake in Intercontinental, according to the latest reports.
On August 14 on the Bucharest stock exchange, Intercontinental closed up 6.25% at RON0.085 per share. (EUR1=RON4.5186)