September 4 (SeeNews) - Croatia's food company Belje [ZSE:BLJE], a member of ailing Agrokor concern, said its consolidated net profit stood at 8.6 million kuna ($1.3 million/1.2 million euro) in the first half of 2018, down 2.8 million kuna from the like period of last year.
Belje's sales revenue dropped 5.5% on the year to 576.8 million kuna, while its total costs fell to 646.6 million kuna from 681.9 million kuna, the company said in filing to the Zagreb bourse on Monday.
The company's long-term liabilities dropped very slightly on the year to 76.7 million kuna from 76.8 million kuna, while its short term debt increased to 1.68 billion kuna from 1.65 billion kuna a year earlier.
In April last year, the government seized control of Agrokor from its owner Ivica Todoric under special legislation designed to prevent the collapse of the concern.
On July 4, Agrokor creditors holding 80.20% of total claims against the concern voted to uphold a settlement deal which envisages the establishment of a new Agrokor concern owned by the creditors, in which the largest individual shareholder will be Russia's Sberbank with a 39.2% stake.
Bondholders will have a 24.9% stake, local financial institutions 15.3%, Russia's VTB bank 7.5%, while suppliers will hold 4.7%. Among the Croatian suppliers of Agrokor, diversified conglomerate Adris Grupa [ZSE:ADRS] will have the largest share of the new concern with a 1.4% stake.
(euro=7.43111 kuna)