November 26 (SeeNews) - Bulgarian hotel operator Albena [BUL:6AB] said that it turned to a consolidated net loss of 6 million levs ($3.7 million/3.1 million euro) in the first nine months of 2020 from a net profit excluding minority interest of 15.4 million levs in the same period of 2019.
Albena's revenue more than halved to 53.8 million levs in the review period from 166.6 million levs the year before, hurt by the coronavirus pandemic, the company said in an interim financial statement, published on Wednesday.
The company decided to open only 19 of its 32 hotels for this year's summer season, offering 8,440 beds of the 13,716 in total.
Partially due to this decision, Albena's expenses fell to 59.8 million levs in the first three quarters of the year from 100.1 million levs a year earlier. Personnel costs and expenses for hired services roughly halved to 12.7 million levs and 10.5 million levs, respectively.
As at 10:30 CET on Thursday, shares in Albena traded flat at 22 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)