September 6 (SeeNews) - Croatian tourism company Sunce Koncern has said it aims to reduce its debt to three times earnings before interest, taxes, depreciation and amortisation (EBITDA) in 2019 from 4.2 times this year.
The company also aims to cut debt to 3.9 times EBITDA in 2018, Sunce Koncern said in a filing with the Zagreb Stock Exchange on Tuesday.
In addition, Sunce Koncern has set a dividend payout ratio limit of between 30% and 70% in the next three years, the company said.
Sunce Koncern saw its loss widen to 33.9 million kuna ($5.5 million/4.6 million euro) in the first half of 2017 from 25.2 million kuna in the like period of last year.
At the end of the first half of this year, the long-term debt of Sunce Koncern stood at 419.3 million kuna and short-term liabilities amounted to 277.4 million kuna.
Sunce Koncern, founded in 2004, owns and operates a chain of hotels and resorts under the Bluesun brand in Dalmatia, Bol, Brela, Tucepi, Starigrad Paklenica, and Marija Bistrica.
(1 euro = 7.41655 kuna)