March 9 (SeeNews) - Croatian tourism company Imperial Riviera [ZSE:HIMR] said on Monday its earnings before interest, taxes, depreciation, and amortization (EBITDA) gained 43% in 2019, reaching 90.8 million kuna ($13.8 million/12.0 million euro).
Imperial's total revenue soared by 53% year-on-year in 2019 to 264 million kuna, the company said in a statement.
In October, the company's shareholders - local pension fund management company Allianz ZB and tourism group Valamar Riviera [ZSE:RIVP] - increased Imperial's capital by 426 million kuna, to 826.7 million kuna via new share issue, using the proceeds to purchase the Porec-based Valamar Zagreb hotel.
After the purchase, Imperial Riviera became the owner of seven hotels, three tourist resorts and two camps with a capacity of 10,000 guests, the company quoted its board chairman Vlado Mis as saying.
The company invested 149 million kuna in 2019, as a new investment cycle totalling 226 million kuna was launched at the end of the year.
Most of the investments launched at the end of 2019 will go towards the reconstruction and repositioning of the Makarska-based Meteor hotel, the reconstruction of the Porec-based Valamar Parentino hotel (former Valamar Zagreb), as well as the third phase of investment in the Padova Premium Camping resort.
The company's five-year business plan envisages 1.5 billion kuna investments in reconstruction of facilities.
Imperial Riviera was formed after hotel operator Hoteli Makarska [ZSE:HMAM] merged into Rab-based peer Imperial, owned by Valamar Riviera.
The company's shares traded 1.86% lower at 790 kuna by 1431 CET on ZSE on Monday.
(1 euro = 7.55867 kuna)