ZAGREB (Croatia), July 25 (SeeNews) - Croatian power transmission equipment manufacturer Dalekovod [ZSE:DLKV] on Monday reported a consolidated net loss of 25.4 million kuna ($3.5 million/ 3.4 million euro) in the first half of this year, compared to a net profit of 14.2 million kuna in the same period of 2021.
“New circumstances and challenges related to the Russia-Ukraine crisis and the ongoing negative effects of the COVID-19 pandemic, that is, reduced tender activity in 2020 and 2021 had a negative impact on the activities of Dalekovod Group in the first six months of 2022. Challenges related to the Russia-Ukraine crisis have additionally accelerated the existing increase of prices of raw materials, and thus aggravated the inflation pressure, all of which had a negative effect on the Group’s profitability,” Dalekovod said in a filing to the Zagreb bourse.
The total consolidated operating revenue plunged 41% on the year to 441.2 million kuna. “The major culprit for the decrease in the group’s income was its parent company, Dalekovod d.d., because of the discontinuation of works on two projects in Ukraine and reduced activity in Scandinavian countries,” it explained.
Sales revenue also dropped 41% - to 436.6 million kuna.
Dalekovod's shares traded 4.44% lower at 17.20 kuna intraday on Monday on the Zagreb Stock Exchange.
(1 euro=7.519 kuna)