May 29 (SeeNews) - Bulgarian hotel operator Sofia Hotel Balkan [BUL:SHB] said on Monday its consolidated net loss expanded to 677,000 levs ($372,000/346,000 euro) in the first quarter of 2023 from 649,000 levs a year earlier.
Revenue went up to 6.5 million levs in the January-March period from 4.9 million levs in the like period of 2022, the company said in an interim financial statement.
Growth was mainly driven by income from overnights, which grew by 36% to a little over 4 million levs. Additionally, Sofia Hotel Balkan, which runs a five-star hotel of the same name in central Sofia, saw its income from restaurants rise to 1.7 million levs from 1.3 million levs. The remaining revenue was formed by rental income and government financing.
The company's operating expenses widened to 7.1 million levs in the review period from 5.6 million levs a year earlier. The increase was mainly driven by costs for hired services and remuneration, which added 17% and 50% in annual terms, respectively.
Earlier this month, the hotel operator reported a standalone net loss of some 1 million levs for the first quarter of this year after a loss of 223,000 levs a year earlier.
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)