Sat, Feb 11 2012

Golden Sands resort reports 60% fall in H1 revenue

Tue, Jul 28 2009 13:24 CET

byNick Iliev

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Golden Sands resort reports 60% fall in H1 revenue

Golden Sands resort
Photo: Valentina Petrova

Bulgarian Black Sea resort Zlatni Pyassutsi (Golden Sands) said non-consolidated revenue for the first half of the year was 6.3 million leva, down 59 per cent compared to the same period of 2008, according to a company financial report, as quoted by investor.bg.

The resort operator said it posted a 25 000 net loss for the period, compared to a 4.7 million leva profit for the first half of last year. In the second quarter, it recorded a profit of 771 000 leva profit, erasing most of the loss reported in the previous quarter.

The Golden Sands resort is heavy influenced by the seasonal impact on its business operation, and the third quarter is traditionally its best for the year.

In the financial statement released by the firm, it said that the negative business impact and falling revenue from dwindling tourist numbers would be offset by lower spending. For the first half of the year, the company cut spending by 37 per cent to 6.135 million leva.

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Comments

Anonymous russell king Wed, Jul 29 2009 17:00 CET
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things cycle around every 60 years.
I also thing it is a great time to be creative. Bulgaria also is a country of hard working people and kind, I hope things recover soon.

Anonymous Dianne Hatton Tue, Jul 28 2009 23:07 CET
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Shame


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