May 31 (SeeNews) - Bulgarian hotel operator Albena [BUL:ALB] said on Monday that its consolidated net loss excluding minority interest narrowed to 7.9 million levs ($4.9 million/4 million euro) in the first quarter of 2021 from 9.9 million levs in the same period of 2020.
Albena's expenses fell to 11.1 million levs in the reporting period from 12.6 million levs in the comparable period of last year, mostly due to lower expenses for salaries and hired services, figures from the company's interim financial statement show.
The company's revenue edged up to 3.2 million levs in the review period from 2.7 million levs the year before.
The COVID-19 pandemic is expected to have a negative effect on the tourism sector during this year's summer season, but Albena's management is monitoring the situation closely and will take all appropriate actions to limit its effect on the group's results, Albena said in its statement.
Last year, the company decided to open only 19 of its 32 hotels for the summer season, offering 8,440 beds of the 13,716 in total.
As at 14:40 CET on Monday, shares in Albena traded at 31 levs, unchanged from their previous closing price on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)