Sofia Hotel Balkan swings to H1 non-cons net loss

The company's revenue fell to some 7 million levs in the review period from 7.2 million levs in the first six months of 2022 due to lower funding from the state, Sofia Hotel Balkan said in an interim financial statement over the weekend.

Rental revenue went down by 46% year-on-year to 358,000 levs, while income from overnights and food revenue grew by 14% and 15%, respectively.

Sofia Hotel Balkan, which runs a five-star hotel of the same name in central Sofia, posted an 11% annual increase in its operating expenses to 7.9 million levs on the back of higher interest costs.

Shares in Sofia Hotel Balkan last traded at 45.00 levs on the BaSE market of the Bulgarian Stock Exchange, bourse data show.

(1 euro = 1.95583 levs)