April 12 (SeeNews) - Croatian retailer Konzum, a member of the country's ailing concern Agrokor, has reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of 13.4 million kuna ($2 million/1.8 million euro) in the first two months of 2019, Agrokor said on Friday.
This compared to a planned loss of 14.7 million kuna for the period under review, Agrokor said in an interim financial statement citing preliminary figures.
Konzum's EBITDA margin was 1.1% and revenues totalled 1.242 billion kuna in the first two months of the year. Revenues came in slightly above plan due to the higher number of transactions and average value of the consumer basket.
Overall, the companies in Agrokor's retail and wholesale segment, which also includes Konzum's Bosnian unit, news stand operator Tisak [ZSE:TISK-R-A] and wholesaler Velpro, recorded a loss before interest, taxes, depreciation and amortisation (LBITDA) of 8 million kuna in the two months through February, compared to a planned LBITDA of 40 million kuna. The combined revenue of Konzum, Tisak and Velpro totalled 1.801 billion kuna.
On April 1, Croatia's Fortenova Group, the successor to Agrokor, started operations under Agrokor's settlement deal with creditors.
Agrokor, which employs some 60,000 people in the region, has been undergoing restructuring led by a court-appointed crisis manager under Croatia's special law on companies of systemic importance passed in April 2017 with the aim of shielding the Croatian economy from big corporate bankruptcies.
(1 euro = 7.43508 kuna)