October 30 (SeeNews) - Croatian hotel operator Valamar Riviera [ZSE:RIVP-R-A] said on Friday it turned to a 212 million kuna ($33 million/28 million euro) loss in the first nine months of 2020, from a 484 million euro profit in the like period of last year, hit by the coronavirus pandemic.
Nine-month consolidated revenues fell 67% on the year to 673 million kuna, with sales revenue shrinking 69% to 634 million kuna, due to the coronavirus lockdown, which left Valamar's facilities closed from March until the end of May, the company said in a filing with the Zagreb Stock Exchange (ZSE).
Its earnings before interest, taxes, depreciation and amortisation (EBITDA) plunged 80% on the year to 175 million kuna in the first nine months of 2020.
"Given the initially unpredictable final negative effect of the COVID-19 pandemic on tourism, economic and business flows, and consequently on the business of Valamar Riviera, we are satisfied with the achieved results and the opportunity to carry out the tourist season," the statement read.
In June, July and August Valamar had a total of 24 hotels and resorts, and 15 camping sited opened in eight destinations on the Adriatic coast, it noted.
Operating expenses decreased by 59% to 472 million kuna in January-September.
The company recorded a total of 2.23 million overnight stays in the review period, down from 6.42 million a year earlier.
Valamar also said it expects to end this year with a net loss due to the Covid-19 crisis. It sees its consolidated operating revenue at some 660-680 million kuna in full 2020, which is around 30% of last year's income.
The group's EBITDA is projected at 100-115 million kuna this year, compared with 769 million kuna in 2019.
The hotel operator owns five brands: Valamar Collection, Valamar Collection Resorts, Valamar Hotels and Resorts, Sunny and Camping Adriatic.
Valamar's shares, part of ZSE's blue-chip index CROBEX10, traded up 0.88% at 23 kuna by 1614 CET on Friday.
(1 euro = 7.57303 kuna)