Croatia’s Valamar Riviera turns to negative H1 EBITDA

ZAGREB (Croatia), August 5 (SeeNews) – Croatian hotel operator Valamar Riviera [ZSE:RIVP-R-A] swung to a negative consolidated EBITDA of 107.9 million kuna ($17.1 million/14.4 million euro) in the first half до 2020, from a positive 84.7 million kuna EBITDA in the like period of 2019, it said.

First-half consolidated revenues fell 80.6% on the year to 133.8 million kuna in the six months through June, with sales revenue shrinking 83.5% to 109.2 million kuna, due to the coronavirus lockdown, the company said in a filing with the Zagreb Stock Exchange (ZSE) last week.

Operating expenses decreased by 61% to 226.2 million kuna. 

The company recorded a 83% year-on-year fall in overnight stays (363,128) in the review period.

Valamar Riviera planned to invest over 800 million kuna in 2020 but all projects are currently on hold due to the coronavirus pandemic, the company said, adding the group has thus decreased the amount for the current investment cycle by 125 million kuna. 

The hotel operator owns five brands: Valamar Collection, Valamar Collection Resorts, Valamar Hotels and Resorts, Sunny and Camping Adriatic. 

Valamar’s shares closed 2.99% higher at 24.10 kuna on Tuesday. The ZSE was closed on Wednesday for a national holiday.

(1 euro = 7.46815 kuna)