March 1 (SeeNews) - Croatian hotel operator Arena Hospitality Group [ZSE:ARNT] said it closed last year with a consolidated net loss of 227.3 million kuna ($36.1 million/30 million euro), compared to a 149 million kuna profit in 2019, as the COVID-19 pandemic took its toll on the bottomline.
The company's operating income fell by 69.4% year-on-year to 238.3 million kuna in 2020, whereas operating costs decreased by 53% to 250.2 million kuna, it said in an annual statement filed with the Zagreb Stock Exchange (ZSE) last week.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) turned to a negative 18.3 million kuna, from positive 229.5 million kuna in 2019.
"The unprecedented impact of the COVID-19 outbreak on the hospitality industry has been well-reported, and Arena’s operational performance in 2020 shows no exception to the adverse market-wide conditions," Reuel Slonim, president of Arena's management board, said in the statement.
Arena's shares closed flat at 336 kuna on the ZSE on February 26. They did not trade by 1109 CET on Monday.
(1 euro = 7.57268 kuna)