According to the preliminary results, sales revenues increased by 6.6% YoY, EBITDA decreased by 63% YoY and net income decreased by 191% YoY. Hoteli Makarska was consolidated by Valamar Riviera in 2018.

Hoteli Makarska published their preliminary 2018 financial results.

According to it, sales revenues in 2018 amounted to HRK 79.6m, which is a 6.6% increase YoY. The increase in revenues could mostly be attributed to a rise in average accommodation prices in combination with redistribution of sales channels.

On the other hand, operating expenses increased by HRK 27.9m, which is an increase of 43.9% YoY. The increase occurred as a consequence of changing accounting policies. To be specific, amortization of real-estate was increased from 2% to 4%, which increased operating expenses by HRK 7.5m.

Besides that, provisions increased by HRK 14m as a result of a court case with the city of Makarska, regarding the land of touristic resort Rivijera.

As a result of the increase of above-mentioned expenses, the company recorded an EBITDA of HRK 6.7m which is a decrease of 63% YoY.

Meanwhile, Hoteli Makarska recorded a net loss of HRK -9.2m, which is a 191% decrease YoY.