February 28 (SeeNews) - Bulgarian Black Sea resort operator Golden Sands AD [BUL:ZLP] posted on Tuesday a consolidated net loss of 2.01 million levs for 2022 after a profit of 6.88 million levs reported for the year prior, as costs nearly doubled.
The company’s operating expenses surged to 46.3 million levs last year from 25.5 million levs in 2021, Golden Sands said in a financial statement. The rise was mainly driven by cost of assets sold which soared to 26.04 million levs from 9.6 million levs.
At the same time, revenue increased to 42.5 million levs from 30.4 million levs. Growth was mainly due to sales of electricity, which generated income of 30.5 million levs after 13.2 million levs in 2021.
The resort operator registered 31,934 overnight stays during the active season between May and October, compared with 26,568 stays in the same period of 2021. Booking activity rebounded after the drop-off of the COVID-19 testing requirement, Golden Sands said. Last year's number, however, was still below the pre-pandemic 2019, when overnight stays reached 44,386 in the active season.
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.
Shares in Golden Sands last traded at 1.75 levs on the BaSE market of the Bulgarian Stock Exchange, bourse data showed.
(1 euro = 1.95583 levs)