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Catering group, Mövenpick, loses steam

The hotel and catering group, Mövenpick, saw a dramatic drop in net profits last year. The company said the main reasons were high costs for product and market development.

The hotel and catering group, Mövenpick, saw a dramatic drop in net profits last year. The company said the main reasons were high costs for product and market development.

Mövenpick announced a drop in net profits to SFr37 million from SFr272 million in the previous year. But turnover rose by more than 10 per cent to SFr1.2 billion in 1999.

Mövenpick said the current results were not totally satisfactory. But it expressed confidence that an improved performance in the second half of last year showed that the group was on the right track.

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