March 3 (SeeNews) - Croatian hotel operator Valamar Riviera [ZSE:RIVP-R-A] said it turned to a 358.8 million kuna ($57.2 million/47.3 million euro) net loss in 2020, from a 305.9 million euro net profit the previous year, hit by the coronavirus pandemic.
Consolidated revenues fell 68.6% on the year to 696.9 million kuna, with sales revenue shrinking 70% to 642.5 million kuna, mostly 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) last week.
Its earnings before interest, taxes, depreciation and amortisation (EBITDA) plunged 87% on the year to 103.2 million kuna in 2020.
Operating expenses decreased by 62% to 530.5 million kuna in 2020.
The company recorded a total of 2.28 million overnight stays in the review period, down from 6.78 million a year earlier.
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 0.65% at 31 kuna by 1111 CET on Wednesday.
(1 euro = 7.58056 kuna)