Turism Felix, a company operating 5 hotels in Baile Felix within the SIF Transilvania portfolio, reports a revenue decrease of over one-third, as it was forced to close operations for 3 months due to restrictive measures taken in the context of the coronavirus epidemic. However, the company managed to recover from the loss recorded in H1.
The company’s total revenues fell by 37.74%, down to 45.63 million RON, from 73.29 million RON in the previous financial year.
The company mentions the mitigating effect of the state-funded technical unemployment scheme; however, even so, total expenses declined at a slower pace than revenues, specifically a 27.45% drop to 41.17 million RON, from 56.75 million RON.
The company recorded a 3.6-fold decrease in net profit, to 4.40 million RON, from 16.09 million RON.
In the first half of the year (H1), the company recorded a loss of 8.95 million RON, while for the entire previous year, it had achieved a net profit of 14.21 million RON, from which the company was able to approve the distribution of dividends totaling 5.01 million RON for September 30.
Turism Felix operates 5 hotels in Baile Felix, namely International (4 stars), Termal (3 stars), Nufarul (3 stars), Poienita (3 stars), and Mures (2 stars).
As of September 30, the company had total assets of 240.20 million RON, down 0.70% compared to 241.90 million RON on January 1, 2020.
During the same period, total liabilities increased by 4.21%, to 21.75 million RON, from 20.87 million RON.
Frequently Asked Questions
What caused the revenue drop for Turism Felix?The 37.74% decrease in revenue was primarily caused by the 3-month operational shutdown mandated by pandemic-related restrictions.
Which hotels are included in the Turism Felix portfolio?The company operates five hotels in Baile Felix: International (4 stars), Termal (3 stars), Nufarul (3 stars), Poienita (3 stars), and Mures (2 stars).
Did Turism Felix recover from its first-half losses?Yes, despite a loss of 8.95 million RON in H1, the company managed to return to profitability, reporting a net profit of 4.40 million RON by September 30.