Analysis of Financial Indicators of Montenegrin Hotel Industry

Stanovčić, Tatjana; Moric, Ilija; Laković, Tanja; Peković, Sanja

Analysis of Financial Indicators of Montenegrin Hotel Industry

dc.contributor.author	Stanovčić, Tatjana	en
dc.contributor.author	Moric, Ilija	en
dc.contributor.author	Laković, Tanja	en
dc.contributor.author	Peković, Sanja	en
dc.date.accessioned	2018-10-05T20:40:24Z	en
dc.date.available	2018-10-05T20:40:24Z	en
dc.date.issued	2015-05	en
dc.description.abstract	Taking into consideration the slow increase of incomes and limited investments IN Montenegrin hotel industry, the purpose of this paper is to research the potential sources of efficiency via analysis of financial indicators in hotels in Montenegro. The special focus is given to analysis of the following indicators: operating revenue, revenue per room, room occupancy, investments, room rates, payroll etc. Using available secondary and primary data from hotels, government bodies and relevant international organizations, several factors are identified that affect the financial efficiency of SMEs in Montenegrin hotel industry. Key findings indicate that hotel industry in Montenegro is experiencing limited financial efficiency, especially in terms of following financial indicators: low average annual growth rate of the operating revenues per room of just 4% in period 2008-2013; room occupancy has grew from average annual 37% in 2008 to 39.5% in 2013; decrease in average investment in 2013 comparing to 2012 for 54.6%, together with negative prognosis for future investment till end of 2015; and serious regional disbalance in sense of key indicators (e.g. operating revenue, gross operation profit) in seaside, central and northern area of Montenegro, where level of demand in Northern (Mountain) region is still below the Montenegrin average, etc. The contribution of this research comes from the analysis of financial indicators and accounting system of hotel industry in Montenegrin, which provides the guidance and ideas for further improvements in the important sector of tourism.	en
dc.identifier.uri	http://hdl.handle.net/10919/85253	en
dc.language.iso	en	en
dc.publisher	Management International Conference	en
dc.rights	In Copyright	en
dc.rights.uri	http://rightsstatements.org/vocab/InC/1.0/	en
dc.subject	hotel industry	en
dc.subject	Montenegro	en
dc.subject	USALI	en
dc.subject	sources of efficiency	en
dc.subject	hotel finance	en
dc.title	Analysis of Financial Indicators of Montenegrin Hotel Industry	en
dc.type	Article	en