PARIS -- Club Mediterranee reported an operating loss of $3.8
million for the first six months of the fiscal year, spanning
November to April.
The company attributed its 13.9% reduction in capacity through
village closings as one of the factors that enabled it to nearly
break even. Year-over-year reservations were down 14% as of June
9.
In the U.S., Club Med cited increasing distribution via access
to GDS systems as one of the factors that should enable it to break
even by 2004.
An agreement with a European group is likely to be announced,
the company added, "with the goal of reinforcing the idea of
belonging to a club."