May 2 (SeeNews) - Bulgarian hotel operator Sofia Hotel Balkan [BUL:SHB] said that its standalone net loss expanded to some 1 million levs ($561,451/511,290 euro) in the first quarter of 2023 from 223,000 levs a year earlier.
Revenue declined by 10% on the year to some 2.5 million levs in the review period, mainly due to lower income from financing, Sofia Hotel Balkan said in an interim financial statement over the weekend.
Rental revenue dropped by an annual 46% to 178,000 levs, whereas income from overnights and food revenue rose by 29% and 12%, respectively.
Sofia Hotel Balkan, which runs a five-star hotel of the same name in central Sofia, saw its operating expenses increase to 3.5 million levs from some 3 million levs due to higher interest costs.
Shares in Sofia Hotel Balkan last traded at 97.50 levs on the BaSE market of the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)