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Croatia's Fortenova swings to 1.3 bln kuna (173 mln euro) 9-mo net profit

Author Annie Tsoneva
Croatia's Fortenova swings to 1.3 bln kuna (173 mln euro) 9-mo net profit Photo: All Rights Reserved

ZAGREB (Croatia), December 7 (SeeNews) - Croatia's Fortenova Group, successor to the collapsed food-to-retail concern Agrokor, said on Tuesday it turned a consolidated net profit of 1.3 billion kuna ($ 194 million/ 173 million euro) in the first nine months of 2021 - an improvement by 1.855 billion kuna, compared to the loss recorded in the same period of 2020.

The company's consolidated revenue rose by 54% on the year to 22 billion kuna in the period from January to September, while consolidated EBITDA increased by 29% to 1.7 billion kuna, Fortenova said in a statement.

The company said it has invested 125 million euro ($141 million) this year in Croatia and the nearby region and plans to make capital investments of 130 million euro next year.

Its biggest investment in the production segment currently is a 11.5 million euro bottling line for soft drinks at Jana bottling unit in Croatia, whose installation is at the final stage. Preparations for the launch of works on a 29.3 million euro cooking oil factory in Serbia and an 8.2 million euro slaughterhouse in Croatia are also in their final phase.

(1 euro=7.522 Croatian kuna)