September 12 (SeeNews) - Croatian ice cream and frozen food producer Ledo [ZSE:LEDO-R-A] said its revenue decreased to 657 million kuna ($105.7 million/88.2 million euro) in the first seven months of 2017.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at 157 million kuna in the review period, Ledo said in a filing with the Zagreb Stock Exchange on Monday.
The company did not provide comparative figures.
In the first seven months of 2017, Ledo recorded a decrease in sales due to reduced quantities of commodities and raw materials as well as the cessation of cooperation with certain HoReCa customers, the company said.
As a result, Ledo changed its sales assortment and focused on ice cream, increasing its EBITDA margin to 24%.
Ledo has started restructuring and improving operational efficiency, which has already yielded concrete results in boosting profitability.
(1 euro = 7.4438 kuna)