Hapimag, the leader in the European market for timeshare rights of residence, posted a significant improvement in its sales results on the Swiss market in the first half of the year. Total sales revenue remained practically unchanged at EUR 80.4 million (2009: EUR 81.9 million). In a difficult environment, the occupancy rate for all resorts dropped slightly to 68% compared to the previous year (71%). The effect of this development was that operating profits for the first six months were EUR -0.7 million (against EUR 2.2 million in 2009). The portfolio of resorts is set to be expanded with new addresses in Dresden (D), Lisbon (PT) and on the Ligurian coast (IT).

At EUR 80.4 million, the total sales of the Hapimag Group in the first six months of the year were practically maintained at the level of the previous year (EUR 81.9 million). Sales from catering developed very positively, increasing by a total of 7.5% to EUR 5.5 million thanks to targeted measures at all 56 resorts and residences. At EUR -0.7 million, the operating result was lower than in the previous year (EUR 2.2 million in 2009) due to lower occupancy rates in Spain, Portugal and Greece. The consolidated result suffered under the weakening Euro, reaching EUR -1.9 million by mid-year (EUR 2.1 million in 2009).

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Tags: Dresden, European, Greece, Hapimag, Ligurian, Lisbon, Portugal, Spain, Swiss, Timeshare