June 2 (SeeNews) - Croatian Adriatic port operator Luka Ploce [ZSE:LKPC] said it turned to a consolidated net loss of 3.9 million kuna ($575,000/514,000 euro) in the first quarter of 2020, from a net profit of 5.1 million kuna in the same period of last year, as revenues fell faster than expenditures.
Consolidated operating revenue plunged 45% on the year to 26.2 million kuna in the January-March period, while consolidated operating costs were down 30% to 29 million kuna, Luka Ploce said in a statement filed with the Zagreb bourse last week.
The EBITDA margin fell to 2.48% in the first three months of the current year, from 16.65% in the like period of 2019, while the EBIT margin turned to a negative 10.74% from a positive 12.93%, the statement read.
The port operator's working capital shrank 18% on the year to 184 million kuna at the end of March.
Luka Ploce employed 552 people at the end of March.
The company's shares closed down 3.78% at 357.72 kuna on Monday. They did not trade by 14:43 CET on Tuesday.
(1 euro = 7.58113 kuna)