Liburnia Riviera Hoteli d.d. said its normalized net income for the first quarter was 23.2 million kuna, compared with a loss of 13.7 million kuna in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin dropped to negative 108.5% from negative 55.4% in the year-earlier period.
Total revenue fell 21.8% year over year to 19.3 million kuna from 24.7 million kuna, and total operating expenses grew 19.8% from the prior-year period to 54.8 million kuna from 45.8 million kuna.
Reported net income totaled a loss of 37.6 million kuna, compared with a loss of 22.3 million kuna in the prior-year period.
As of May 12, US$1 was equivalent to 6.73 kuna.
