November 11, 2019 - Budvanska Rivijera Hotel Group generated revenue of €4,88 million at the end of September this year, the report on the operating performance of the company shows.
Limited liability company, which encompasses Palas and Castellastva hotels in Petrovac, Aleksandar and Mogren in Budva, as well as tourist settlement Slovenska plaža, made great results during the main season despite a portfolio of investments in internal restructuring.
Operating income amounted to €20,05 million in the first nine months. Around €18,44 million were used for the sale of capacities and services in five hotels.
In the same period, expenses amounted to €15,33 million. Around €5,69 million were related to employees’ salaries, €3,76 million went for the material, amortization required €1,83 million and more than €4 million related to other operational expenses.
Since other business activities brought another €174.165, Budvanska Riviera finished the third quarter with the final €4,88 million.
The company’s total assets amounted to €140,78 million in this period.
The company earmarked €1,65 million for the short-term financial arrangements – €12,54 million for the cash and €1,41 million for stocks.
The current initial capital is worth €55,04 million and is divided into more than 8 million shares.
Deferred tax liabilities amount to €7,96 million whereas retained earnings reached €9,76 million.
On 25 June, the majority shareholders of Budvanska Riviera HG gave green light to restructuring project. A new limited liability company was established – Sveti Stefan hotels, encompassing Sveti Stefan and Miločer hotels.
Text by CDM on November 11, 2019, read more here.
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