March 23 (SeeNews) - Croatian hotel operator Valamar Riviera [ZSE:RIVP-R-A] proposed on Friday to distribute a dividend of 0.9 kuna ($0.15/0.12 euro) per share, 0.1 kuna higher than last year's divident payout.
The dividend will be paid out from Valamar's retained profit made in 2015 and 2016, the company said in a statement.
The hotel operator also proposed allocate to retained profit 231.98 million kuna out of its last year's net profit.
The proposals are on the agenda of the general meeting of Valamar Riviera shareholders, to be held on May 8, 2018.
The company said last month its consolidated net profit dropped by 28.4% year-on-year in 2017, to 245.1 million kuna ($40.2 million/32.9 million euro). Valamar Riviera attributed the decrease to weaker financial results and lower tax revenues.
Valamar Riviers 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 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=7.44511 kuna)