Arena Hospitality Group: Strong improvement, Q3 results in line with expectation
Easing of travel restrictions, opening of borders and ramp up in vaccine roll out has positively affected the operations of Arena, so Q3 results show strong improvement on all lines. In 9M Group received State support on all its markets in the total amount of HRK 49.7m. On German portfolio performance Government measures reduced the payroll expense by HRK 6.8m and operating expenses by HRK 17m in 9M 2021. On the level on the whole year, we expect to see Group’s bottom line in slightly positive territory. Croatia performed somewhat better on the top-line than our estimate.