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Dec 14, 2017 18:24 EEST
December 14 (SeeNews) - Croatian retailer Konzum, a member of ailing concern Agrokor, reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of 114 million kuna ($17.9 million/15.1 million euro) in the ten months through October, according to preliminary estimates released by the concern.
Last month, the retailer reported an EBITDA of 220 million kuna in the January to September period.
Konzum's EBITDA margin came in at 1.9% through October, while revenues totalled 7.6 billion kuna, Agrokor said in a statement on Wednesday.
Total revenue in October is lower than planned due to a drop in the wholesale business, Agrokor noted.
Konzum posted a gross margin of 20.2% in October.
Overall, companies in Agrokor's retail and wholesale segment, which also includes news stand operator Tisak and whole-seller Velpro, recorded an EBITDA of a negative 83 million kuna in the ten months through October, with a margin of -0.7%.
The wholesale businesses suffered as a consequence of Velpro store closures, Agrokor explained, while the retail division faced challenges due to an increasing focus on promotions and discounts to gain competitive advantage.
The combined revenue of Konzum, Tisak and Velpro totalled 12.6 billion kuna, and exceeded the revenues of the concern's food and agriculture segments which raised 7.0 billion kuna and 2.3 billion kuna, respectively.
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