Bulgaria’s Albena 9-mo non-cons net profit plunges on higher costs

The company’s operating expenses surged to 71.8 million levs in the period under review from 44.6 million levs a year earlier, Albena said in an interim financial statement last week.

The hotel operator mainly booked higher remuneration costs, expenses for hired services and cost of materials.

At the same time, revenue rose to 76.8 million levs from 52.2 million levs.

Overall, the financial performance has been impacted by the accelerating inflation in Bulgaria and unfavourable factors stemming from the war in Ukraine, the company said.

As at 1154 CET, shares in Albena traded flat at 27.20 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)