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Danubius reports annual pre-tax increase of 6%

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Danubius Hotel and Spa sustained pre-tax losses of €3.3 mln in the fourth quarter of last year, up from losses of €3 mln in Q4 of 2013, the company's preliminary consolidated financial report for the period published yesterday shows. 

Danubius said it generated revenue of €38.9 mln, up 2% on the year. The company reported earnings before interest, depreciation, taxes and amortization (EBIDTA) of €2.1 mln in Q4, up 59%. For all of 2014, Danubius reports a pre-tax profit of €7.1 mln, up 6% from €6.6 mln in 2013, on revenue of €169.6 mln, up 1% from €168.6 mln.

EBIDTA reportedly grew 7% to €28.9 mln from €26.9 mln in 2013. Occupancy in Danubius's hotels was measured at 66.6% on average last year, improving from 64.9% in 2013. Revenue grew 3% in Hungary, 6% in the Czech Republic, 5% in Slovakia and 14% in Romania, according to the report.

Financial loss was €5.8 mln, up from €4.2 mln in 2013, due mainly to un-realized exchange-rate losses caused by a weaker HUF, the statement said. Operating cash-flow was seen to improve 4% to €25.1 mln from €24.1 mln in 2013. The company operates 44 hotels – 22 in Hungary, nine in Slovakia, nine in Czech Republic, three in Romania and one in the UK.

The company said the unaudited data that it published yesterday was prepared according to International Accounting Standard 34 (IAS 34) on Interim Financial Reporting. Danubius is a Standard-category issuer on the Budapest Stock Exchange.

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