Podgorica – Hotel – tourist enterprise Ulcinj Riviera in the year 2006 has a positive balance sheet after a long period of losses – it was confirmed for “Vijesti” in the company.
Ulcinj Riviera last year had about two millions of income, while the profit was symbolic. In the company it was said that “they do not have a cent of debt and that all duties for salaries, taxes and suppliers have been paid”.
– Ulcinj Riviera is in plus after a decade and a half – it is claimed in the company which in two months, as much as the procedure of coming out from the bankruptcy lasts, will start functioning as a join stock company.
During the bankruptcy they have sold 4 hotels and several smaller facilities. After returning debts Ulcinj Riviera is left with about 6 millions of euros on its account. Except the money at the moment they own a significant property – Hotels Bellevue and Olympico, nudist lodgment on Ada, two auto–camps and a warehouse which occupy the space of around 360.000 meters square of land.
The government is planning to sell the major package of the shares of Ulcinj Riviera on an international open competition. Before that the company could be re-structured. At the moment they are inspecting the suggestions to separate Ada Bojana in an individual enterprise with the same structure of owners as it is in Ulcinj Riviera. They are not planning to sell Ada, but in stead the state is going for the model of a lease or joined investment with foreign partners. The estimated value of Ulcinj Riviera, with the entire property which it owned before the bankruptcy, is about 81 millions of euros (51 euro per stock). According to current stock market prices it is worth 40 millions of euros (25 euros per stock).
The company became valuable because of the sudden growth of prices of land and real estates on the seaside, as well as because of the sales of the hotel Lido for over 10 millions of euros, which is the best selling price for a hotel in Montenegro.
Z.V. – S.A.