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GRUPO POSADAS REPORTS 4 PERCENT INCREASE IN FIRST QUARTER EARNINGS

 MEXICO CITY, April 30 /PRNewswire/ -- Grupo Posadas, S.A. de C.V., today reported results for its first quarter ended March 31, 1993.
 Revenues for the quarter were 123 million new pesos, an increase in real terms of 11 percent versus the same period in 1992. Operating profit for the three months ended March 31, 1993 was NPs. 23 million, an increase in real terms of 10 percent versus the same period in 1992. Net income for the quarter was NPs. 22 million compared to NPs. 19 million in 1992, an increase in real terms of 4 percent.
 Operating profit was impacted by an increase in expenses especially in the other related businesses due to construction costs associated with Porto Ixtapa. Since construction of this project started in June 1992, there were no costs booked for the first quarter of 1992. This was offset partially by indemnification received in connection with the termination in advance of the management contract of Fiesta Americana Tijuana. Net income was impacted positively by lower overall financing costs.
 Chain-wide average occupancy rate for the first quarter of 1993 was 73 percent, up 2 percent from 1992. The average room rate for the quarter was NPs. 275, 2 percent below last year in real terms.
 Grupo Posadas opened a Fiesta Americana Hotel in Aguascalientes at the end of the first quarter of 1993 and a Fiesta Inn in Chihuahua during the second week of April. In addition, the company terminated its management contract with the Fiesta Americana Hotel in Tijuana.
 Grupo Posadas, S.A. de C.V., the largest hotel operator in Mexico, is an integrated company which owns and manages hotels. The company also offers services related to the hotel industry including construction, hotel and restaurant supply and tour and travel services. The company owns and operates hotels in Mexico, Venezuela, South Texas and California under the names Fiesta Americana; Fiesta Inn; Holiday Inn; Holiday Inn Crowne Plaza; Hampton Inn; and Sheraton Fiesta
 GRUPO POSADAS, S.A. DE C.V.
 (Amounts in NPs. thousands)
 1Q 1993 Pct.
 Total revenue 123,272 100
 Owned hotels:
 Revenue 82,732 67
 Direct costs 53,483
 Contribution 29,249
 Management services:
 Revenue 22,024 18
 Direct cost 14,974
 Contribution 7,050
 Other related businesses:
 Revenue 18,516 15
 Direct costs 15,703
 Contribution 2,813
 Corporate expenses 7,001 6
 Depreciation 9,072 7
 Operating profits 23,039 19
 Comprehensive financial expenses 179 0
 Other income (2,104) -2
 Extraordinary expenses 0 0
 Profit before income taxes 24,964 20
 Income taxes and profit sharing 3,064 2
 Income from affiliated companies 1,034 1
 Net income before minority interest 22,934 19
 Minority interest (996) -1
 Net income 21,936 18
 -0- 4/30/93
 /CONTACT: Genaro Marquez, CFO of Posadas de Mexico, in Mexico City, 011-525-326-6740; or Fern Lazar of Dewe Rogerson, 212-688-6840, in New York, for Grupo Posadas/


CO: Grupo Posadas, S.A. de C.V. ST: IN: LEI SU: ERN

GK-AH -- NY095 -- 3467 04/30/93 18:06 EDT
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Publication:PR Newswire
Date:Apr 30, 1993
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