Orchid Developments Group Ltd., a company that owns hotels and commercial real estate in Bulgaria, said its first-half loss widened after the company spent more on its developments, reported Bloomberg.

The net loss increased to 1.56 million euros ($2.2 million), or 2 cents a share, from 932,000 euros, or 1 cent, a year earlier, Orchid said in a Regulatory News Service statement today. Revenue rose 32 percent to 4.29 million euros.

``The real estate market in Bulgaria remains buoyant and we expect the market to continue to experience further growth,'' Chairman David Holland said in the statement.

Orchid signed Carrefour SA, Europe's largest retailer, as the main tenant for a development in Varna three days ago to benefit from expected economic growth following Bulgaria's accession to the European Union this year.