Albena's H1 Sales Revenues Up 23% Y/Y

Albena's H1 Sales Revenues Up 23% Y/Y

Net sales revenues of Albena Jsc () stood at 19.1 mln leva (9.76 mln euros) on June 30 this year, compared with 15.48 mln leva (7.9 mln euros) a year ago. This is a hike of 23.4%, the company's H1 report reveals.

H1 revenues from sales of goods amount to 9.15 mln leva (4.6 mln euros), versus 6.61 mln leva (3.3 mln euros) last year. Revenues from services are up from 5.89 mln leva to 7.7 mln leva (3.93 mln euros). Total H1 revenues stand at 20.7 mln leva (10.5 mln euros), which is a 19.5% hike year on year.

The company said that room rents declined by 5% in H1 mainly because of a slow May. Bulgarian, Romanian and Russian resorts are attracting more customers, while hotels in Germany and Austria see a decline in visitors.

Albena sees a growing number of Bulgarian visitors which account for 20% of all in H1. Bulgarians are staying in Albena while on individual vacations, as well as on organized events. 80% of guests are foreigners.

Costs on economic elements are up 7.7% to 27.43 mln leva (14 mln euros). The hike is attributed to rising costs on amortization and remunerations, which went to 7.13 mln leva and 5.13 mln leva respectively.

Total costs stood at 31.63 mln leva (16 mln euros) at the end of June, or 10.6% y/y.

The summer resort reports a loss in the amount of 11.68 mln leva (5.9 mln euros) for H1, against 12 mln leva a year ago.

Assets ate totaling 467.91 mln leva (239 mln euros), compared with 424.15 mln leva (216.8 mln euros) in the corresponding period in 2007.

The company said hotels Gergana, Compass, Paorama, and Magnolia Garden have been entirely renovated, and the third and final stage of the construction of Flamingo has been completed.

The company's liabilities are also on the rise. Current liabilities rose from 31.86 mln to 65.05 mln leva at the end of December 2007.

Albena Jsc's equity capital stands at 4.27 mln leva (2.18 mln euros) and its own capital is at 261.85 mln leva (133.8 mln euros), compared with 275.77 mln leva (140.9 mln euros) a year ago.

No deals involving the company's stock have been made on BSE so far today. Bids are between 50.06 and 60 leva and asks are ranging from 63 to 73.5 leva.

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