November 27 (SeeNews) - Bulgarian hotel operator Sv. Sv. Konstantin i Elena Holding [BUL:3NJ] said on Friday that it turned to a consolidated net loss of 3.5 million levs ($2.1 million/1.8 million euro) in the first nine months of 2020 from a net profit of 963,000 levs in the same period of 2019.
Sv. Sv. Konstantin i Elena Holding's operating revenue fell to 13 million levs in January-September, compared with 23.2 million levs in the comparable period of last year, the company said in an interim financial statement.
The hotel operator's income from sales of tour package services fell to 8.4 million levs in the review period compared to 15.5 million levs in the corresponding period of 2019.
Operating expenses decreased to 16.5 million levs in from 22.2 million levs the year before, mostly due to lower expenses for materials, salaries and hired services.
Sv. Sv. Konstantin i Elena Holding's assets amounted to 138.5 million levs at the end of September, up from 134.2 million levs a year earlier.
At the end of September, local diversified group Holding Varna held 53% in the capital of Sv. Sv. Konstantin i Elena Holding, the financial statement showed.
Sv. Sv. Konstantin i Elena Holding consolidates the results of ten local subsidiaries, through which it operates several hotels in the country.
As at 16:00 CET on Friday, Sv. Sv. Konstantin i Elena shared traded flat at 23.00 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)