November 29 (SeeNews) - Bulgarian hotel operator Sv. Sv. Konstantin i Elena Holding [BUL:3NJ] said on Thursday that its consolidated net profit grew to 11.2 million levs ($6.5 million/5.7 million euro) in the first nine months of the year from 3.0 million levs in the comparable period of 2017, thanks to the sale of an asset.
Sv. Sv. Konstantin i Elena Holding gained 10.2 million levs from sales of assets over the nine-month period, compared to just 261,000 levs in the same period of last year, figures from the company's interim financial statement showed.
You can subscribe to our M&A newsletter here
As a result, the company grew its total operating revenue to 30.6 million levs in the January-September period of 2018 compared to 17.8 million levs in the prior-year period.
Total operating expenses increased to 19.4 million levs in the review period from 14.8 million levs the year before.
Expenses for materials rose to 4.7 million levs from 3.1 million levs a year earlier, while salary expenses grew to 4.7 million levs from 2.9 million levs last year.
Sv. Sv. Konstantin i Elena Holding is majority owned by local diversified group Holding Varna [BUL:5V2], which held a 52% stake in the hotel operator at end-September.
(1 euro = 1.95583 levs)