March 27 (SeeNews) - Bulgarian hotel operator Sofia Hotel Balkan [BUL:SHB] said it turned to a standalone net loss of 2.96 million levs ($1.64 million/1.51 million euro) last year from a net profit of 54,000 levs in 2022.
The company's total operating revenue fell to 14.5 million levs in 2023 from 16.7 million levs the prior year, mainly due to lower funding from the state and revenue from services, Sofia Hotel Balkan said in an annual financial statement on Tuesday.
Rental revenue dropped by over 29% on the year to 731,000 levs, while income from overnights declined by 7.9% to 9.05 million levs. Food revenue, however, grew by an annual 4.4% to 3.85 million levs.
Sofia Hotel Balkan, which runs the Sofia Balkan Palace hotel in central Sofia, saw its expenses widen to 17.5 million levs in the review period from 16.7 million levs a year earlier. The rise was mainly due to higher interest costs, which surged 85.5% to 4.94 million levs.
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)