JULY 25 2012 20:58h
The business results of the Podravka Group in the first half of 2012 regarding the operating efficiency and sales revenues were at the same level as those results in the corresponding period in 2011, being observed in the context of economic trends in Croatia and abroad, executives of this leading Croatian food maker told a news conference in Zagreb on Wednesday when they presented the company's financial report for H1 2012.
They said that the results were as expected.
The Podravka Group's sales revenues totalled HRK 1.72 billion, nearly the same as in the first half of 2011.
The net profit decreased by 30% to HRK 39.1 million, with the operating profit declining by 18% to HRK 84.2 million.
With the exclusion of the effect of one-off items from the financial statement, the results in H1 2012 were almost the same as in H1 2011.
The board chairman, Zdravko Mrsic, recalled that the business performance had been also affected by costs of the beginning of the restructuring of the company and the allocation of HRK 37 million for the severance packages to be given to 291 workers to be laid off on 1 September.
The company is currently producing 1,200 types of products and is planning to reduce by 500, according to Mrsic.
EUR 1 = HRK 7.5) (Hina)