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Croatia's Agrokor pares cons net loss 76.5% y/y in 2018

Croatia's Agrokor pares cons net loss 76.5% y/y in 2018 Author: Agrokor. License: All rights reserved.

ZAGREB (Croatia), May 14 (SeeNews) - Croatia's Agrokor Group said on Tuesday its consolidated net loss narrowed 76.5% year-on- year to 1.4 billion kuna ($211.7 million/188.8 million euro) in 2018.

The food-to-retail group's operating profit increased by 22% on the year to 2.4 billion kuna in 2018, Agrokor said in an annual financial report.

Consolidated revenues slightly decreased to 38.8 billion kuna last year, as compared to 39.5 billion kuna in 2017.

Agrokor's total assets dropped to 31.74 billion kuna in 2018, down 10.1% year-on-year, while total liabilities fell 3.1% to at 54.1 billion kuna. 

The retail and wholesale segment generated half of Agrokor's operating profit last year - 1.2 billion kuna, as compared to 513 million kuna in 2017.

The sales revenue of the retail and wholesale segment fell 3.9% on the year to 29 billion kuna. 

The food segment contributed the most to Agrokor's consolidated revenue - 9.1 million kuna. The segment's operating profit increased 3% to 1.2 billion kuna.

On April 1, Agrokor was succeeded by a new company, Fortenova Group, as a settlement deal with Agrokor creditors took effect. 

(1 euro = 7.41466 kuna)