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ZAGREB (Croatia), July 27 (SeeNews) - Croatian blue-chip electrical equipment producer Koncar Elektroindustrija [ZSE:KOEI-R-A] said the consolidated net profit of the Koncar Group increased 16.8% on the year to 57.7 million kuna ($8.5 million/7.7 million euro) in the first half of 2016.
The group's consolidated operating revenues dropped 16.1% to 1.31 billion kuna in January-June, while operating costs fell 16.7% to 1.25 billion kuna, Koncar said in a filing with the Zagreb bourse. Its operating profit thus increased 3.1% on the year to 51.6 million kuna.
Out of the total of 18 companies within the Koncar Group, 17 operated with positive results, while one company saw a net loss of 5 million kuna.
The company's sales revenue made up 95.4% of the total operating revenue, with 653.2 million kuna in sales realised on the local market and 593 million kuna abroad.
Koncar earned 9% of its total sales revenue on regional markets - Bosnia, Serbia, Macedonia, Montenegro, and Albania - while the European Union was its largest market with a share of 56%.
In June, Croatia sold a 20.5% stake in Koncar, worth a combined 360 million kuna, to 9 bidders. The buyers were mostly pension funds.
The Koncar Group is made up of Koncar Elektroindustrija as the group leader and 17 other units.
(1 euro=7.4846 kuna)