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Croatia's Valamar Riviera grows H1 cons EBITDA

Author Maja Garaca
Croatia's Valamar Riviera grows H1 cons EBITDA Baska. Author: Valamar. License: All rights reserved.

ZAGREB (Croatia), July 30 (SeeNews) - Croatian hotel operator Valamar Riviera [ZSE:RIVP-R-A] said on Monday its consolidated EBITDA rose 17.7% on the year to 106.8 million kuna ($16.9 million/14.4 million euro) in the first half of 2018.

The company's total revenues increased 13.3% year-on-year to 647.7 million kuna in the six months through June, as sales revenues rose 14.5% to 586.2 million kuna, it said in a filing with the Zagreb bourse.

Valamar recorded a 9.5% growth in overnight stays to 2,037,444 in the review period, while accommodation units sold increased 10.2% to 1,018,483

Valamar Riviera Group completed its large investment cycle worth over 700 million kuna thus far in 2018, as part of its strategic plan to invest 2 billion kuna by 2020.

The planned large investment cycle in the forthcoming 2019 is worth 752 million kuna.

Valamar Riviera owns two brands: Valamar Hotels and Resorts and Camping Adriatic. With the acquisition of Imperial in 2016, a hotel group on Rab Island, Valamar Riviera Group now operates 30 hotels and resorts and 15 camping resorts in five attractive destinations along the Adriatic coast – from Istria and the islands of Krk and Rab to Dubrovnik.

It recently increased its shareholding in local peer Hoteli Makarska to 55.45%.

On July 26, Valamar Riviera made a binding offer to buy the Petersbuhel hotel 4* in Austria. The hotel is owned by Matthias Aichmann GmbH and Valamar expects to complete the necessary steps to transfer 100% stake in this private sector company within the next two months.

Earlier this year, Valamar said it operates about 12% of Croatia’s total categorized tourist accommodation and can welcome over 56,000 guests a day in nearly 21,000 accommodation units.

(1 euro=7.39405 kuna)