Agrokor Group posts €197m operating profit in Jan-Aug 2018

Agrokor Group posts €197m operating profit in Jan-Aug 2018

Agrokor Group posts €197m operating profit in Jan-Aug 2018 Izvor: N1

The Agrokor food and retail group posted a 16.07 billion kuna (€2.16 billion) revenue over the first eight months of 2018, falling short of expectations. However, earnings before taxes managed to exceed projections, at 1.46 billion kuna (€197 million), a business report compiled by the company's emergency administration released on Thursday said.

The operating profit (EBITDA) exceeded plans by 26 million kuna (3.5 million), mainly thanks to the group's retail and wholesale businesses - primarily the Konzum retail chain - and the food business which posted good results during the summer tourism season.

However, consolidated revenues fell short by 1 billion kuna (134.7 million) below what had been planned.

The report said that in spite of a somewhat lower sales revenue, the better-than-projected earnings were due to lower operating costs and "increased efficiency" in all three of the company's business sectors.

The company's Retail sector posted a 351.2 million kuna (47.3 million) pre-tax income in the period, almost 40 million kuna (5.4 million) more than planned. Total revenue was 8.97 billion kuna (1.2 billion), about 620 million (83.5 million) less than planned.

The Food sector's operating profit exceeded 1 billion kuna (134.7 million), or 50 million kuna (6.7 million) more than planned. Revenue was 5.7 billion kuna (768 million), about 200 million kuna (27 million) less than planned.

The Agriculture sector's operating profit totalled 107.6 million kuna (14.5 million), or 68.5 million kuna (9.2 million) less than planned, with revenue nearly 1.4 billion kuna (188 million), or 170 million kuna (23 million) less than planned.

(1 = 7.42 kuna)

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