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Croatia's Valamar Adria Holding 2013 cons net profit triples, to invest EUR 100mn in 2014-2016

February 18, 2014

Croatian tourism operator Valamar Adria Holding said its consolidated net profit rose to HRK 180mn (EUR 23.5mn) in 2013 from HRK 63.6mn in 2012 as revenue rose faster than expenditure.

The company's consolidated revenue rose 9% y/y to HRK 1.2bn in 2013, while its costs rose 5.5% to HRK 1.06bn in the review period, the company said in a statement. Financial revenue nearly doubled to HRK 110mn last year, while financial costs almost halved to HRK 37mn.

Valamar Adria Holding invested around HRK 170mn in 2013, of which the biggest amount of HRK 60mn was invested in its Hotel & Casa Valamar Sanfior located in the village of Rabac in the northern part of the country.

The company plans to invest around HRK 350mn in 2014 and further HRK 400mn in 2015-2016 in order to increase its competitiveness and quality. Valamar operates 23 hotels, eight apartment complexes and nine camps on the Croatian coast.

The tourism sector is one of the country's most important economic sectors, accounts for around 15.4% Croatia's GDP (according to 2012 data).

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Source: IntelliNews - Weekly Reports

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