Areas reports 17.6% profit increase

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Aeroboutiques de Mexico owner Areas has announced 2002-3 profits of Eu21.2m ($26.5m), an increase of 17.6% on the previous financial year

Barcelona-based travel retailer Areas, which owns Aeroboutiques de Mexico, has just announced 2002-3 profits of Eu21.2m ($26.5m), an increase of 17.6% on the previous financial year. Turnover was up 5.4% to Eu509.1m ($636.4m) in spite of an adverse euro-dollar exchange rate. More than 27% of group turnover now comes from outside Spain, principally from Mexico, the Dominican Republic, Argentina, Chile and Morocco. The company is planning to increase non-Spanish turnover to 50% of its total turnover within the next five years.

Areas president Emilio Cuatrecasas confirmed at the company's annual results presentation that it was still studying its involvement as a shareholder in Swiss travel retailer Dufry. Areas agreed to take an option to purchase 15% of Sintres, the Advent International-led acquisition vehicle that purchased 75% of Dufry earlier this month. Cuatrecasas confirmed that Areas would make a decision to proceed with its involvement in the Dufry business by the end of June.