The company reported profit of RON1.33 million in the first quarter of 2011, and almost RON1.2 million profit for the whole year.
Revenues dropped by 34% in the first three months of this year, to RON8.82 million, while expenses were cut by 8.3%, to RON11 million. In the first quarter of 2011, Intercontinental had revenues of RON13.36 million and expenses of RON12 million.
The operator’s turnover fell 19% in the first three months, to RON8.6 million, from RON10.7 million.
This year, the management estimates that profit will go up by more than 22%, to almost RON1.5 million, according to the budget approved at the end of April by the shareholders.
Cyprus-registered Mountbay Limited 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. Mountbay holds 32.9% in Intercontinental.
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 April 10 in Bucharest, Intercontinental closed up 1.25% at RON0.081 per share. (EUR1=RON4.4165)