April 27 (SeeNews) - Croatian hotel operator Hoteli Makarska said on Friday its consolidated net loss expanded to 10.4 million kuna ($1.7 million/1.4 million euro) in the first three months of 2018, from 9.6 million kuna in the same period a year ago.
The company's consolidate revenue totalled a slim 1.35 million kuna, down 18% on the year, while costs reached 11.7 million kuna, an increase of 3.9% compared to last year, Hoteli Makarska said in a Zagreb bourse filing.
In April, Valamar Riviera acquired a 55.48% stake in Hoteli Makarska for a total of 172.7 million kuna from the country's centre for enterprise restructuring and privatisation, CERP. The company made the bid jointly with AZ.
The buyer purchased 621,086 ordinary shares in Hoteli Makarska and said it will transfer an amount of shares representing 30.48% of Hoteli Makarska to AZ.
After the transaction is completed, Valamar and AZ are due to jointly launch a buyout bid for the remaining shares in Hoteli Makarska, in accordance with the legal procedure.
The Valamar group runs hotels, apartment villages and campsites in Istria, in Dubrovnik and on the Adriatic islands of Krk and Pag.
(1 euro=7.42311 kuna)