Albena started the 2024 season slightly better; 6mo net loss amounted to BGN 16.9m (NEUTRAL)
01.08.2024
Source: Albena; FFBH
Albena reported Q2’24 unconsolidated revenue of BGN 14.2m, up 27.4% YoY. The company achieved some cost optimization during the quarter, which resulted in a negative EBITDA line of BGN 5.8m, compared to negative BGN 9.3m last year. Down the line, amortization charges of BGN 3.7m (-3.4% YoY) led to BGN 9.9m net loss, compared to a negative BGN 12.3m in Q2’23.
H1 2024 operating expenses amounted to BGN 23.6m (-3.5% YoY) and fixed EBITDA for the period at negative BGN 8.7m. With net financial expenses of BGN 0.9m, compared to net financial income of BGN 0.3m in the comparable period, the bottom line for the first half of the year came to BGN 16.9m loss, compared to BGN 19.8m net loss a year ago.
On the balance sheet, IB debt decreased 6.6% YoY to BGN 74.9m. The CFO amounted to BGN 7.3m in relation to BGN 10.8m in the base period, as the company released BGN 15.2m non-cash working capital.