PPHE Hotel Group's Investee Arena Hospitality Swings To Loss In 2020

(Alliance News) - PPHE Hotel Group Ltd on Thursday said Arena Hospitality Group dd reported a ...

Alliance News 25 February, 2021 | 11:48AM
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(Alliance News) - PPHE Hotel Group Ltd on Thursday said Arena Hospitality Group dd reported a swing to loss in 2020 amid lower revenue.

PPHE Hotel Group holds a controlling ownership interest in Arena Hospitality, a Croatian hospitality group operating in Central and Eastern Europe.

Arena Hospitality reported revenue for 2020 of HRK238.3 million - about GBP27.2 million - compared to HRK778.1 million reported the year earlier. The company swung to a pretax loss of HRK232.3 million versus a HRK108.8 million profit in 2019.

Arena Hospitality said it will not pay a dividend to shareholders until the end of 2021.

"Last year was truly a difficult time for all," said Boris Ivesha, chair of Arena Hospitality. "The hospitality industry has demonstrated its ability to bounce back from adversity before and continues to have long-term growth prospects. As nations roll out Covid-19 vaccines, we expect the market to make a phased recovery, and that our strategy to invest into high quality assets will deliver value to our stakeholders."

PPHE Hotel Group shares were trading 0.4% higher in London on Thursday at 1,385.00 pence each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
PPHE Hotel Group Ltd 1,738.00 GBX 5.21 -

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