Bulgaria's Sofia Hotel Balkan swings to 9-mo net profit

The hotel operator booked a net profit of 470,000 levs ($234,930/240,300 euro) after a loss of 2.67 million levs in the same period of 2021, it said in an interim financial statement last week.

Sofia Hotel Balkan, which is running a five-star hotel of the same name in central Sofia, saw its revenue nearly double to 11.8 million levs from 5.51 million. Its income from overnight stays surged by nearly 184% to 6.84 million levs, but is still below the level in pre-pandemic 2019, the hotel operator said.

The company’s operating expenses in the period under review grew to 9.87 million levs from 5.28 million levs a year earlier, reflecting both the increased activity and inflation.

At the end of September, Sofia Hotel Balkan's assets amounted to 147.8 million levs, slightly up from 147.9 million levs at the end of 2021.

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)