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Nov 15, 2017 11:17 EEST
November 15 (SeeNews) - Croatian retailer Konzum, a member of ailing concern Agrokor, reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of 220 million kuna ($34.5 million/29.1 million euro) in the first nine months of 2017, according to preliminary estimates released by the concern.
Konzum's EBITDA margin came in at 3.2%, while revenues totalled 6.9 billion kuna, Agrokor said in a statement on Tuesday.
The EBITDA level was influenced by a drop in operational costs by over 10%, while revenue was lower due to the closure of over 60 stores and reduced wholesale business, Agrokor noted.
Konzum posted a gross margin of 20.4% in September, which was influenced by lower sales and continued investment in prices and promotions.
Overall, companies in Agrokor's retail segment, which also includes news stand operator Tisak, recorded an EBITDA of 13 million kuna in the nine months through September, with a margin of 17.2%.
Konzum's and Tisak's combined revenue totalled 11.5 billion kuna, and exceeded the revenues of the concern's food and agriculture segments which raised 6.5 billion kuna and 2.0 billion kuna, respectively.
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