T.H.R. Marea Neagra S.A.: Revenue Decrease of Over 6.6 Million RON

Tourism, Hotels, Restaurants Marea Neagra restricted its activity starting March 17, 2020, following decisions made by authorities in the context of the coronavirus pandemic, which led to a decrease in revenue of approximately 6.67 million RON, according to a report submitted to the Bucharest Stock Exchange.

Company representatives emphasize that, following the management’s analysis, a series of measures were taken regarding employees, such as: taking remaining vacation days and granting paid days off where applicable; taking 2020 vacation days based on employee requests, with exceptions for employees whose presence is absolutely necessary at work on certain days/periods, given that the company’s activity could not be completely interrupted; where possible, certain tasks and duties are performed via telework; starting April 8, technical unemployment is used for employees whose aforementioned rights expire; the hiring of seasonal staff for preparing the opening of tourist units has been postponed.

At the same time, during the period of restricted activity, T.H.R. Marea Neagra decided to postpone/reschedule to the period immediately following the end of the state of emergency the actions and works that were carried out annually in March and April for the purpose of preparing the summer season and opening tourist units, with the start date to be decided based on the epidemiological situation and acts issued by competent authorities.

Also, to minimize the risk of hotel and catering units not operating in the 2020 season, during this period only investment works that have already been started will be executed, with the aim of completing them as soon as possible, as well as investment works related to those already started.