January 30 (SeeNews) - Bulgarian hotel operator Albena AD [BUL:ALB] said that its non-consolidated net profit plunged to 561,000 levs ($312,724/286,835 euro) last year from 2.92 million levs in 2021 as a result of higher costs.
The company’s operating expenses surged to 85.29 million levs in 2022 from 56.65 million levs the year prior, the hotel operator said in a financial statement on Friday.
The increase reflects a rise in remuneration costs to 20.3 million levs from 12.02 million levs. Expenses for external services jumped to 14.62 million levs from 8.9 million levs, while costs for materials expanded to 15.64 million levs from 5.83 million levs
At the same time, Albena's revenue increased to 87.9 million levs in 2022 from 61.8 million levs in 2021.
Overall, the company’s performance was impacted by inflation in Bulgaria and the war in Ukraine. As at 1213 CET on Monday, shares in Albena traded flat at 26.40 levs on the Bulgarian Stock Exchange.
Albena AD owns the eponymous resort on the northern Black Sea coast as well as Byalata Laguna holiday village in the north and Primorsko holiday village on the south coast. It has a number of subsidiaries in transport, agriculture, construction, medicine and balneology, and tour operators.
(1 euro = 1.95583 levs)