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Turisthotel Q1 loss widens 12.9% YOY

Turisthotel d.d. said its first-quarter normalized net income amounted to a loss of 21.29 kuna per share, compared with a loss of 18.86 kuna per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 7.7 million kuna, compared with a loss of 6.9 million kuna in the prior-year period.

The normalized profit margin declined to negative 104.0% from negative 77.0% in the year-earlier period.

Total revenue declined 16.4% on an annual basis to 7.4 million kuna from 8.9 million kuna, and total operating expenses climbed from the prior-year period to 20.8 million kuna from 20.4 million kuna.

Reported net income came to a loss of 13.3 million kuna, or a loss of 36.60 kuna per share, compared to a loss of 11.9 million kuna, or a loss of 32.72 kuna per share, in the year-earlier period.

As of April 29, US$1 was equivalent to 6.55 kuna.