May 2 (SeeNews) - Bulgarian hotel operator Albena AD [BUL:ALB] said its non-consolidated net loss widened to 7.5 million levs ($4.2 million/3.8 million euro) in January-March from 6.8 million levs a year earlier.
The company's revenue fell to 963,000 levs in the first quarter of 2023 from 1.23 million levs in the comparable period of last year, as income from financing plunged by 89% to 72,000 levs, Albena said in an interim financial statement on Friday.
At the same time, operating expenses grew to 8.46 million levs from 8.07 million levs, reflecting a 20% jump in costs for hired services to 957,000, along with an 11% increase in remuneration costs to 1.77 million levs.
In March, the company said that its shareholders approved a proposal for a share buyback programme targeting up to 0.47% of its equity capital.
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 1100 CET on Monday, shares in Albena traded 0.73% higher at 27.60 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)