Sales grew 29% to 181.8 mln euros, and EBITDA dropped by a quarter to 8 million euros. The company served 306,000 clients, 31% more than in 2017.
Novaturas CEO and board chair Audrone Keinyte said in a statement that hot weather persisted throughout June, July and August decreasing demand for outbound travel. This influenced last-minute prices. Besides, Novaturas had to change its aviation partner in the fourth quarter following Small Planet Airlines' bankruptcy.
"The change of aviation partner resulted in write-offs of EUR 0.4 million and further negatively influenced results for the quarter by causing an increase in aviation costs," Keinyte said.
Central European Tour Operator owns 47.4% of Novaturas, with the remaining shares owned by minority shareholders. Novaturas' shares are quoted on the Vilnius and Warsaw stock exchanges.
