English
Hotel company THR Marea Neagră announces a 30.8% YOY drop in its turnover at the end of Q3 2010, from 29.2 million lei to 20.1 million lei, whereas its profit dropped 6.3%, to 5.5 million lei.
During the reviewed period, the company saw a 22% drop in revenue, from 36.9 million to 28.7 million lei, whereas its expenses shrank 26.2%, from 29.7 million lei to 21.9 million lei.
In the first semester, the company has taken out a loan of three million lei, with a one year maturity, and a line of credit of ten million, to finance its operating activity, as in 2009, the company spent its own funds on investments. The loans were used to upgrade the hotels of Bran-Brad-Bega of Eforie Nord and Cleopatra of Saturn, which were upgraded to a four-star rating, and were reopened for tourists, last summer.
In September, the company also bought the Silvia hotel in the Venus resort, for a price of more than 4.7 million lei, in an auction held by the Administration of Public Finance of Mangalia. The complex also includes a two star hotel and a restaurant.
The company is controlled by SIF Transilvania, which holds 77.7% of the shares of THR Marea Neagră.
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