November 28 (SeeNews) - Bulgarian hotel operator Sofia Hotel Balkan [BUL:SHB] reported on Monday a consolidated net profit of 2.5 million levs ($1.34 million/1.28 million euro) for the first nine months of 2022 in the context of the easing COVID-19 restrictions, swinging from a net loss of 2.85 million levs a year earlier.
The company’s revenue rose to 25.03 million levs in the period under review from 12.3 million levs in the comparable period of 2021, it said in an interim financial statement. Growth was mainly driven by income from overnight stays, which rose to 15.38 million levs from 7.4 million levs. Meanwhile, income from the restaurant department doubled to 6.7 million levs from 3.4 million levs. The rest of the revenue was formed by rental income and government financing.
Sofia Hotel Balkan, which is running a five-star hotel of the same name in central Sofia, benefited from the gradual phase-out of COVID-19 restrictions from the end of the first quarter onwards.
The group’s operating expenses expanded to 19.76 million levs in the nine months through September from 12.2 million levs a year earlier due to higher costs for external services.
At the end of September, Sofia Hotel Balkan's assets amounted to 177.01 million levs, just up from 176.6 million levs at the end December 2021.
The hotel operator recently reported a standalone net profit of 470,000 levs on revenue of 11.8 million levs for the first nine months of 2022.
Shares in Sofia Hotel Balkan last traded at 97.50 levs on the BaSE market on the Bulgarian Stock Exchange, bourse data showed.
(1 euro = 1.95583 levs)