Croatia's Valamar Riviera turns to net loss in 2020
Valamar Isabella Island Resort. Author: Valamar. License: All rights reserved.
ZAGREB (Croatia), March 3 (SeeNews) - Croatian hotel operator Valamar Riviera [ZSE:RIVP-R-A] said it turned to a 358.8 million kuna ($57.2 million/47.3 million euro) net loss in 2020, from a 305.9 million euro net profit the previous year, hit by the coronavirus pandemic.
Consolidated revenues fell 68.6% on the year to 696.9 million kuna, with sales revenue shrinking 70% to 642.5 million kuna, mostly due to the coronavirus lockdown, which left Valamar's facilities closed from March until the end of May, the company said in a filing with the Zagreb Stock Exchange (ZSE) last week.