The company "Luštica Development", which is building the luxury tourist resort "Luštica Bay", together with 13 of its companies, made a loss of three million euros last year, which is a slightly smaller loss than the year before when it amounted to 3,4 million euros.
This was stated in the consolidated financial report of the entire group, which was published yesterday on the Montenegro Stock Exchange.
In addition to the construction of a large residential-tourist complex, new hotels, golf courses and other facilities, companies from this group are registered for hotel business, real estate rental, restaurant services, marina management, security, electricity and water sales, and health services.
As stated in the report, the group earned 60 million euros from the sale of built and partially built real estate, another 6,2 million euros were "revenues from the destination", as well as 6,1 million euros from the operation of the "Chedi" hotel. Various other incomes amounted to another 3,5 million euros.
Revenues from real estate sales and hotel operations were ten million higher than in 2021.
According to the balance sheet, the company has accumulated losses from the previous period in the amount of EUR 35,5 million. The reasons for these losses are that the company invests significantly more in the construction of the complex in the initial years, while significant revenues are expected only in the following years.
Auditor PWC gave a positive opinion on the group's consolidated report.
The management report stated that the settlement "Luštica Bay" is now home to 400 families from over 40 countries, and that after the completion of construction, it will have more than six thousand inhabitants, more than three thousand luxury apartments, over 300 villas, six more hotels, two marinas with 220 berths, a customs terminal, as well as a large number of additional facilities.
At the end of last year, the number of employees in all 14 member companies of the group was 366.
The Swiss-Egyptian "Orascom" is the owner of 92,75 percent of the company "Luštica Development", while the Government of Montenegro has a 7,19 percent share.
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