May 30 (SeeNews) - The Montenegrin hotel operator Lustica Development [MNG:LUDE] said on Tuesday that it recorded a net profit of 1.5 million euro ($1.6 million) last year, compared to a net loss of 12,837 euro in 2021.
The company’s revenue increased by 11.5% on the year to 30.1 million euro in 2022, while operating costs rose from 25.9 million euro to 28.8 million euro, the company said in a filing with the Montenegro Stock Exchange.
Lustica Development's capital is composed of 69,559,781 shares with a nominal value of 1.15 euro apiece. The company is listed on the prime market segment of the Montenegro Stock Exchange.
Lustica Development was founded in 2008 as a joint venture between Swiss-based Orascom Development Holding (90%) and the government of Montenegro (10%). ODH, which has since increased its share to 92.75%, is a leading developer of integrated solutions, with over 30 years of experience in developing resort towns and creating self-sufficient and international communities.
($ = 0.9343 euro)