December 1 (SeeNews) - Bulgarian hotel operator Albena [BUL:ALB] said that its consolidated net profit decreased to 4.96 million levs ($2.65 million/2.54 million euro) in the first nine months of 2022 from 7.62 million levs a year earlier due to higher costs.
Operating expenses widened to 104.3 million levs in the nine months through September from 67.6 million levs in the comparable period of 2021, Albena said in a bourse filing on Wednesday.
Cost of materials more than doubled to 22.2 million levs from 9.2 million levs, while expenses for external services jumped to 20.05 million levs from 12.2 million levs. In addition, remuneration costs increased to 25.2 million levs from 15.9 million levs.
On the topline, Albena’s revenue improved to 110.6 million levs from 77.5 million levs as sales rose to 99.8 million levs from 61.3 million levs.
The company said its financial performance in the nine-month period has been influenced by the accelerating inflation in Bulgaria as well as the war in Ukraine and the related sanctions against Russia.
As at CET 1339 on Thursday, shares in Albena traded flat at 26.20 levs on the Bulgarian Stock Exchange.
Albena 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)