From Iceland – Blue Lagoon reports € 22m profit in 2019 amid massive COVID-19 layoffs

Poppy Askham

Blue Lagoon 2019 turnover amounted to 125 million euros, for a profit of 22 million euros, reports Fréttablaðið.

The Blue Lagoon manages the world famous tourist attraction as well as several connected shops, restaurants and hotels. At the end of 2019, its assets amounted to € 79.5 million. Last year’s profits were only slightly lower than the company’s 2018 return of € 26.4 million.

The news follows several rounds of massive layoffs at the company earlier this year. As reported, 164 employees were laid off in March. Another 400 workers were put on the government’s reduced workers’ compensation scheme.

The resort was forced to close at the height of the COVID-19 outbreak in Iceland, but reopened on June 19. No dividends will be paid to shareholders for the year 2019 and losses are expected this year. The company uses operational measures to protect the company from future shocks in the event of a second wave of infections.

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