Club Mediterranée miscues 94 million euros into gross losses

France-based tourist company Club Mediterranée has just disclosed 94 million euros ($115 million) in gross losses over the past fiscal year.

According to the group’s front office, sales in that span of time barely peaked 1.6 billion euros for a 3.5 percent slide compared to the previous fiscal year.

In the same breath, the company took a 3-million-euro plunge in business operations.

However, the French group managed to stay in the black for most of the twelve-month period.

The volume of operations in its hotel compounds struck a balance in the nick of time, while tour operator Jet Tour put 1 million euros on the board.

“The company has shown its power of resistance in the worst-case scenario someone could possibly think of,” CM CEO Henri Giscard d’Estaing was quoted as saying in French newspaper Le Monde.

“Nevertheless,” he continued, “Club Mediterranée won’t see benefits until after a few years from now.”