In Q1 2019 the company observed a decrease in sales revenues of 13.6% YoY, a negative EBITDA of HRK -6.9m (-18.7%) and a net loss of HRK 32.9m (-1%).
In Q1 2019, the company observed a decrease in operating revenues of 11.2% YoY, amounting to HRK 16.1m. Of that, sales revenues, which make up for 85% of operating revenues decreased by 13.6% YoY, while other operating revenues increased by 4.9%. Note that the decrease in operating revenues could partially be attributed to the movement of Easter/Spring holidays in Q2, compared to last year.
Note that in Q1, the company observed a 4% YoY decline in overnight stay.
Besides that, in Q1, Remisens Premium Hotel Ambasador was closed maintenance and is expected to be reopened in June 2019. Also, the company notes that investments in Remisens Hotel Marina and Smart Selection Hotel Mediteran are in process, while Smart Selection Hotel Istria is being refurbished.
When observing Liburnia’s operating expenses, the company observed a decrease of 4.3% YoY, amounting to HRK 48.7m. Going further down the P&L, the company recorded a negative EBITDA of HRK -6.9m, which is a decrease in loss of 18.7%.
In Q1 2019, Liburnia recorded a net loss of HRK -32.9m, which represents a decrease in loss of 1%.
Note that such results are not indicative of the future performance of the company, as most of their business performance occurs in Q3.