March 1 (SeeNews) - Bulgarian hotel operator Albena [BUL:ALB] said on Wednesday that its consolidated net profit plunged to 23,000 levs ($12,489/11,760 euro) last year from 4.1 million levs in 2021, largely due to an increase in expenses.
The company's total operating expenses jumped to 125.9 million levs in 2022 from 90.2 million levs a year earlier, Albena said in an annual financial statement. The increase represents a surge in costs for materials, which more than doubled to 25.8 million levs, along with a 51% rise in remuneration costs to 29.5 million levs.
At the same time, Albena's revenue grew to 126.5 million levs last year from 95.3 million levs in 2021, as sales of goods rose 69% to 54.5 million levs.
Albena owns the eponymous resort on the northern Black Sea coast, as well as Byalata Laguna and Primorsko coastal holiday villages. It also has several subsidiaries active in transport, agriculture, construction, medicine and spa services.
As of 1530 CET on Wednesday, shares in Albena traded 2.19% lower at 26.80 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)