Agrokor's Jan-May 2018 operating profit 10.5 pct over target

Agrokor's Jan-May 2018 operating profit 10.5 pct over target

Agrokor's Jan-May 2018 operating profit 10.5 pct over target Izvor: N1

In the first five months of 2018, the Agrokor Group generated an operating profit of 449.4 million kuna (€60.7 million), which is 10.5 percent more than planned, the latest monthly report released on Wednesday by the indebted group’s emergency administration.

The 15th monthly report, covering the period between June 11 and July 11, follows economic and financial developments in Agrokor.

“The key event in the reported period was completing the most important stage of the extraordinary administration procedure at Agrokor, the conclusion of the creditors’ settlement agreement process, the press release from the Agrokor adminstration said.

Along with organising and controlling the implementation preparation process, the extraordinary administration will put additional efforts in the company’s operating processes, increasing revenues, profitability and efficiency, continuing the positive trends posted in the first five months of 2018, the administration said.

The results of the companies included in the monthly report show a significant increase of operative profit (EBITDA), some 10.5 percent higher than planned at €60.7 million. The retail and wholesale trade posted a profit of 3.3 million kuna (€446,213).

The Konzum retail chain marked in May a 6.5 increase in consumers compared to May 2017, and the increase, along with the rise in average spending per consumer by 11 percent, resulted in a nearly 20 percent increase in traffic compared to May 2017, which is 8 percent more than planned.

The food group posted operative result of 381,3 million kuna (€51.5 million), which is 62.6 million kuna (€8.4 million) more than planned.

The operative profit of the agriculture group is the only one less than what was planned, by 4.7 percent. The fall of operative profit was, however, stabilised by increasing other activities, the press release said. 

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