LJUBLJANA (Slovenia), November 21 (SeeNews) – Slovenian conglomerate Sava [LJE:SAVA] said its consolidated net loss narrowed to 3 million euro ($3.2 million) in the first nine months from 13.9 million euro a year earlier.
Consolidated sales revenue rose 4.0% year-on-year to 53 million euro in the first nine months, Sava Group said in a bourse filing late on Friday.
The operating profit of Sava Group companies amounted to 8.4 million euro in 2016 through September, or 3.4 million euro more than in the same period last year.
Tourism generated an operating profit of 7.7 million euro. The result outperformed last year's figure by 1.0 million euro in spite of the introduction of concession fees for the use of thermal water.
In the first nine months of 2016, the Sava Group invested 3.3 million euro. The investment was made entirely in the tourism division for improvement in energy efficiency as well as refurbishing of accommodation capacities and associated infrastructure.
As per September 30, 2016, the Group employed 1,029 associates, 1,014 or 99% of them being employed with the companies of tourism group.
In 2015, Sava Group consolidated net loss narrowed to 27 million euro from 47 million euro in 2014.
Sava Group includes nine companies - the parent company Sava d.d. and eight subsidiaries. Its two core operations are tourism and finance.
($=0.940083 euro)