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Mövenpick profits melt in slowdown

Profits at Mövenpick are down

(Keystone)

Mövenpick has reported a steep decline in net earnings for the first six months of the year. The operator of hotels, restaurants and resorts said first-half net profit fell to SFr7.2 million ($4.19 million) from SFr8.9 million a year ago.

Sales rose 2.2 per cent to SFr458 million while operating profit slipped to SFr10.1 million from SFr12 million.

Mövenpick said its business had been affected by an increasingly difficult economic climate in its core markets. It said operating income decreased mainly as a result of restructuring costs of its Fine Foods Division in Asia.

"Changes in consumer behaviour resulted in a product mix with lower margins", said the group, which sells a range of products from wine to ice-cream in addition to its catering activities.

swissinfo with agencies

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