ZAGREB (Croatia), July 30 (SeeNews) – Croatian power transmission equipment manufacturer Dalekovod [ZSE:DLKV] said on Friday its consolidated net profit rose 18% on the year in the first half of 2021, reaching 14.3 million kuna ($2.3 million/1.9 million euro).
Operating revenue increased 28% on the year to 748.7 million kuna in the period January-June 2021, while sales revenue increased 30% to 743.6 million kuna, the company said in a filing to the Zagreb Stock Exchange (ZSE).
EBITDA margin narrowed to 5.3% from 6% in the first half of last year.
The company said it has inadequate level of capitalisation as a result of losses from previous years. Its liabilities to financial creditors from a pre-bankruptcy deal totalled 63.5 million kuna by the end of June, and that amount increased to some 100 million kuna in July.
Dalekovod shareholders decided on June 30 to increase the company's share capital from 2.47 million kuna to at least 152.47 million kuna and up to 412.47 million kuna, in order to raise funding to cover debt to creditors under a pre-bankruptcy agreement concluded in January 2014. Earlier this month, Dalekovod opened the subscription for the new share issue, through which the company aims to boost its share capital by at least 150 million kuna and up to 410 million kuna.
Dalekovod's shares traded 5.21% higher on the Zagreb bourse intraday on Friday.
(1 euro= 7.499 Croatian kuna)