Loss goes up to €1.88 million

foto: Budvanska rivijera

Budva, (MINA-BUSINESS) – The Hotel Group Budvanska rivijera finished the second quarter with a net loss of €1.88 million, 3.5 times higher than in the last year’s corresponding period.

According to the company’s H1 report published on the website of the Montenegro Stock Exchange, its operating income increased slightly at the end of June to €6.78 million.

Compared with the last year’s corresponding period, the operating costs of the company increased by 18.9 percent to €8.82 million, out of which the salaries and other remunerations amounted to €3.33 million.  

At the end of the second quarter, the total value of the company’s assets increased by 11.9 percent year on year to €208.64 million. 

Long-term and short-term liabilities of the hotel company amounted to €6.38 million and €3.8 million respectively.

The company’s deferred tax liabilities amounted to €11.56 million at the end of June.

According to the Central Depository Agency, the Government of Montenegro is the largest shareholder of Budvanska rivijera with a stake of 41.64 percent, followed by AIK Bank with 15.23 percent, and the Pension and Disability Insurance Fund, with a 12.82 percent stake.

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