Weak Europe, Africa hit Club Med earnings
PARIS Nov 28 (Reuters) - French holiday operator Club Mediterranee said on Friday the full year 2013/14 operating profit of its resorts fell 4.8 percent while it posted a net loss of 9 million euros, hit by weaker demand in Europe and Africa and resort closures.
Club Med, at the center of long-running takeover saga pitting Italian tycoon Andrea Bonomi against Chinese conglomerate Fosun , said it would pursue its strategy of catering to upmarket clients and of expansion in emerging markets such as China to offset weakness in Europe.
This was after the all-inclusive holiday pioneer said winter boookings in the last eight weeks to Nov. 22 fell 18.8 percent in Europe-Africa and were down 5.9 percent in Asia but rose 4.8 percent in America.
Club Med said that barring a further deterioration in the economic climate it expected its net income to be positive in fiscal year 2014/15 as it would notably incur less charges tied to the resorts it had closed. (Reporting by Dominique Vidalon; Editing by Leigh Thomas)
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