Scandic Hotels Group has recorded a net profit of Skr559m ($50.15m) for the third quarter (Q3) of 2023, marking a decline of 11.7% from Skr633m ($56.79m) in the year-ago quarter.

The company’s net sales for the latest quarter ending September 30, 2023, were Skr6.30bn ($564.96m) as against Skr5.99bn ($536.93m) in the corresponding period of 2022.

The adjusted earnings before interest, taxes, depreciation and amortisation were Skr1.17bn for this quarter, while they were Skr1.21bn in the same period a year ago.

The earnings per share (EPS) before dilution in Q3 2023 stood at Skr3.05 as against Skr3.41 in the comparable year-ago period while diluted EPS was Skr2.51 as against Skr2.80 in Q3 2022.

Average revenue per available room (RevPAR) rose 6.5% to Skr933 from Skr875 in the corresponding quarter of last year.

The average room rate for the recorded quarter was Srk1,313 compared with Skr1,242 in the same period last year.

Scandic Hotels Group president and CEO Jens Mathiesen said: “Bookings from leisure travellers were high during the summer and the important season for corporate guests and meetings has gotten off to a good start. The hotel market is demonstrating resilience against high inflation and interest rates and hotel stays and travel continue to be prioritised both for business and pleasure.

“Both the number of room nights sold and the occupancy rate increased while prices continued to develop positively. This resulted in Scandic’s highest RevPAR ever and net sales reached an all-time high level of Skr6.3bn. Room revenue is developing positively and in our F&B business, we have improved profitability by continuing to optimise pricing, purchasing and efficiency.”

By the end of the recorded period, Scandic reported having eight newly planned hotels comprising 2,252 rooms and five planned exits totalling 753 rooms.