Albena Resorts Announces Quarter Losses

Bulgarian resort operator Albena [BUL:6AB] said that its consolidated net loss excluding minority interest widened to 21.5 million levs ($12.1 million/11.0 million euro) in the first half of 2019 from 20.3 million levs in the same period of 2018.

Albena’s operating revenue fell to 27.3 million levs in the first six months of the year from 28.8 million levs in the comparable period of 2018, the company said in an interim financial statement on Thursday.

Operating expenses edged down to 48.0 million levs in the review period from 48.1 million levs the year before.

Albena’s assets grew to 666.0 million levs at the end of June from 635.6 million levs a year earlier.

The company’s largest shareholder at the end of June was local Albena Holding with a 63.39% stake.

Albena has 20 subsidiaries, all active in tourism-related fields.

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