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Croatia's Koestlin swings to net loss in Q1

Author Annie Tsoneva
Croatia's Koestlin swings to net loss in Q1 Author: Ken Teegardin. Licence: Creative Commons, Attribution-ShareAlike 2.0 Generic.

ZAGREB (Croatia), May 25 (SeeNews) - Croatian producer of wafers and biscuits Koestlin [ZSE:KOES] said on Wednesday it swung to a net loss of 1.3 million kuna ($184,000/173,000 euro) in the first three months of this year, from a net profit of 320,000 in the same period of 2021.

Total revenue edged up to 32.5 million kuna in the first quarter of 2022, from 32 million kuna in the year-ago period, while total costs rose to 33.8 million kuna from 31.7 million kuna, Koestlin said in a non-consolidated interim financial report.

Operating revenue added 1% to 32.2 million kuna.

The company's exports rose 11% to 19.7 million kuna in the first quarter of this year. Its main export markets were Poland, Bosnia, Slovenia and the UK. Domestic sales dropped 10%, to 11.9 million kuna.

The company's shares last traded on the Zagreb bourse on April 1, closing flat at 600 kuna, bourse data showed.

(1 euro = 7.533 kuna)

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