Club Med: Summer bookings down

PARIS -- Club Med said that revenue for the six months ending April 30 was $930 million, a 3.8% decrease compared with revenue of $967 million in the same period a year earlier.

Chairman Henri Giscard d'Estaing said the group's operating results have become "less dependent on economic factors" because "today, the first stage of reducing fixed costs and eliminating sources of losses has largely been implemented and is bearing fruit."

As of June 7, the Paris-headquartered company said, bookings for summer 2003 are down 13.5% compared with the same juncture last year.

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