Montenegro's Sveti Stefan Hoteli records 363,700 euro profit in Jan-Sept

The revenue of the company totalled 733,016 euro in January-September, whereas expenses amounted to 370,886 euro, Sveti Stefan Hoteli said in an interim financial statement filed with the Montenegro Stock Exchange.

Budvanska Rivijera's shareholders approved at an extraordinary meeting in June 2019 the decision for the spinoff of Sveti Stefan Hoteli, with Budvanska transferring its hotels Sveti Stefan and Milocer to the newly-established company.

In April, the Montenegro Stock Exchange included Sveti Stefan Hoteli in the blue-chip MNSE10 index as part of a regular revision of its composition.

The share capital of Budva-based Sveti Stefan Hoteli totals 25.9 million euro and is divided into 8,110,763 shares with a nominal value of 3.19 euro each. The largest shareholder is the Montenegrin government with a 41.6% stake, followed by Serbian lender AIK Banka with 20% and the Montenegrin pension insurance fund with 12.8%.

($ = 0.849349 euro)