April 7 (SeeNews) - Croatia's Atlantic Grupa [ZSE:ATGR] will be unable to meet its 2020 business targets due to the coronavirus outbreak, it said.
"It is important to state that until now, with the exception of the discontinuation of the HoReCa sales and drop in the consumption of our products in the on-the-go and impulse segment, we have not had other significant negative effects on our operations, and in the part where they do exist, they were entirely compensated by the improved performance of Farmacia, Savoury Spreads, Coffee and the portfolio of baby food, personal care and food overall, be it from our own production portfolio or from the portfolios of our principals," Atlantic Grupa said in a statement.
The company noted that it has entered the crisis in a solid financial shape, following record-high business results achieved in 2019. At present, it is unable to evaluate the financial and operating impact of the crisis on its businesses, considering the still uncertain overall economic impact and duration of the crisis.
"We expect to be able to provide more substantial information by the time we publish our first-quarter financial results, on 28 April 2020," Atlantic Grupa added.
The group reported earlier that its net profit after minority interests soared 60% to 390 million kuna ($56 million/51 million euro) in 2019, as total sales rose 3.3% to 5.5 billion kuna.
Atlantic Grupa is a regional distributor of fast-moving consumer goods and a producer of functional foods and supplements. It also owns a pharmacy chain in Croatia.
Its shares traded 3.51% higher at 1,180 kuna by 15:00 CET on Tuesday on the Zagreb Stock Exchange.
(1 euro = 7.62973 kuna)