According to unaudited Management Board report for the first quarter of 2015 Valamar Riviera d.d. sales revenue are up 6.7% to 17 million HRK, compared to the same period last year. Taking into account the seasonal character of Group’s tourism business, the results of operations in the first quarter are not indicative since Q1 sales revenues generally contribute less than 3% to annual sales revenues.

Overnights were up 22.3% year on year, whilst board revenues increased 4%. Booking was stronger than in the first three months of last year, which points to positive expectations for the full business year.

Total unconsolidated revenue of Valamar Riviera d.d. for the first quarter increased 42% to 28.4 million HRK due to one-off revenue from reversal of provisions for termination benefits, foreign exchange gains and valuation of forward contracts. The positive impact of last year’s consolidation is already showing through increased business efficiency as Valamar’s total expenses were down 2.5%, and operating expenses decreased by 8.6 million HRK or 9.7% compared to the first quarter of 2014.   

„Results of restructuring within Valamar group are visible through lower operational expenses which demonstrates that we are well under way to increase profitability. This year’s booking pace bodes well for the season, and we are particularly pleased with the excellent booking at our new flagship in Istria, Valamar Isabella Island Resort, which is opening in May“, said Ivana Budin Arhanić, Management Board Member of Valamar Riviera d.d.

Valamar Isabella Island Resort 4* on the island of Sveti Nikola off the coast of Poreč is this year’s largest investment in tourism in Istria worth total 250 milllion HRK. He resort can accommodate up to 800 guests and will create over 250 new jobs. The new 4* resort with 334 accommodation units (rooms, apartments, studios), indoor and outdoor, swimming pools, wellness, restaurants and event facilities will dramatically raise the quality of tourist offerings in Poreč. Before this season Valamar will invests up to 100 million HRK in apartment resorts and camp resorts in Istria, Dubrovnik and the island of Krk.

As part of its corporate social responsibility program, Valamar Riviera announced two national donations programs in the first quarter of 2015; „A thousand days at the Adriatic Sea“ and ‘We love the Adriatic Sea’. Program „A thousand days at the Adriatic Sea“ will provide one thousand days on the Adriatic Sea to children without parental care, children from low income families, children with health problems and children with special needs. This year, focus will be on children who will enjoy a seaside summer holiday for the first time in their lives. Program „We Love the Adriatic Sea" will select the best environmental projects aimed at protecting and preserving the Adriatic Sea and its coastline and raising awareness of the importance of protecting the environment in the community where we live and work.