Valamar Adria holding: increased revenues and number of overnight stays

Valamar Adria holding d.d. today announced its results for the first half of 2013 on the Zagreb Stock Exchange, showing an increase in total revenues as well as the number of overnight stays in the tourism business, achieving better results than last year in this pre-season.

Consolidated revenues of Valamar Adria holding amount to 399.6 million kuna for the first six months of 2013. Revenues from sales reached 307.1 million kuna, which is an increase of 7.4% compared to the first half of last year.

A total of 1,201,766 overnight stays were recorded, representing an increase of 2.6% compared to the same period last year. The increase in consolidated revenues is largely the result of a successful tourism pre-season. Approximately 170 million kuna was invested in Valamar’s facilities and improving service quality in preparation for the tourist season. The most significant and largest individual investment this year, worth 60 million kuna, is the four-star Hotel & Casa Valamar Sanfior complex in Rabac, followed by Camping Krk on Krk with nearly 16 million kuna in investments.

The consolidated loss of 53.4 million kuna, according to Valamar, is largely the result of higher material costs, which amount to 150.7 million kuna, representing an increase of 23.1% compared to the same period last year, primarily related to enhanced investment maintenance of buildings and depreciation. Valamar Adria holding d.d. recorded total revenues of 4.5 million kuna and a loss of 3.9 million kuna in the first half of 2013. The results primarily stem from a decrease in financial income from loans and an increase in costs due to a one-time expense related to the offer for the acquisition of Riviera Adria d.d.

In the upcoming period, Valamar plans to continue its investment policy with a focus on increasing the competitiveness of tourism products in strategic markets and generally continuously improving the quality of its facilities and services. New projects and significant investments are being prepared for the next investment season.