November 28 (SeeNews) - Bulgarian Black Sea resort operator Golden Sands AD [BUL:ZLP] reported on Monday a consolidated net profit of 2.69 million levs ($1.44 million/1.38 million euro) for the first nine months of 2022, sharply up from 76,000 levs a year earlier.
Revenue soared to 41.6 million levs in the nine months through September from 18.7 million levs in the comparable period of 2021, the resort operator said in an interim financial report. Growth was mainly driven by sales of electricity, which generated income of nearly 29 million levs compared with 9.09 million levs a year earlier. At the same time, income from hospitality services fell to 3.27 million levs from 4.15 million levs.
The company reported operating expenses of 38.5 million levs for the first nine months of 2022, up from 18.4 million levs a year earlier.
The financial report consolidates the results of the parent company and its subsidiaries responsible for water and electricity supply in the Golden Sands resort, infrastructure management and other activities.
Golden Sands AD said it registered some improvement in its hospitality business in the active season between May and October, but the numbers are still below those in pre-pandemic 2019. The company registered 30,361 overnight stays this year compared with 26,568 in the active season of 2021 and 44,386 in the same period of 2019.
Shares in Golden Sands last traded at 1.46 levs on the BaSE market of the Bulgarian Stock Exchange, bourse data showed.
(1 euro = 1.95583 levs)