Club Med reports losses

CLUB Med has announced year-on-year third quarter revenue losses of 64 million euros.

From May to July the operator turned over 387 million euros in revenue compared to 451 million euros for the same period in 2002.

The Paris-based company cited the closure of Club Med World in Montreal in April this year as one of the main reasons for the reduction in turnover.

Group revenue for this financial year (from November 2002) is showing a year-on-year decline of 3.2%. Year-on-year summer sales have also declined by 8.5%.

On a more positive note, reservation levels for the four weeks from the end of August to the beginning of September are up almost 11% on last year.