August 30 (SeeNews) - Bulgarian hotel operator Sv. Sv. Konstantin i Elena Holding [BUL:3NJ] said that it turned to a consolidated net loss of 3.0 million levs ($1.7 million/1.5 million euro) in the first half of 2019 from a net profit of 4.4 million levs in the comparable period of 2018.
Sv. Sv. Konstantin i Elena Holding's operating revenue fell to 9.5 million levs in the January-June period of 2019 from 14.6 million levs in the same period of 2018, the company said in an interim financial statement on Thursday.
The decrease was due to lower income from assets sales - 2.5 million levs in the first six months of 2019 compared to 8.4 million levs in the corresponding period of 2018.
Operating expenses rose to 12.5 million levs in the review period from 10.3 million levs the year before. Expenses for salaries grew to 3.2 million levs from 2.4 million levs, while expenses for materials increased to 2.4 million levs from 2.0 million levs.
Sv. Sv. Konstantin i Elena Holding's assets amounted to 139.4 million levs at the end of June, up from 128.8 million levs a year earlier.
Sv. Sv. Konstantin i Elena Holding consolidates the results of nine local subsidiaries, through which it operates several hotels in the country.
(1 euro = 1.95583 levs)