July 31 (SeeNews) - Croatian fertiliser producer Petrokemija [ZSE:PTKM-R-A] said on Tuesday its consolidated net loss widened to 177.6 million kuna ($28.1 million/24 million euro) in the first half of 2018, from 41.1 million kuna a year earlier.
The company's total revenue decreased 6.0% on the year to 934.4 million kuna in January-June, while total costs rose to 1.1 billion kuna from 1.0 billion kuna, Petrokemija said in a filing with the Zagreb bourse.
Earlier this month, Petrokemija's shareholders approved a 450 million kuna capital hike through conversion of claims into share capital.
The claims will be transformed into share capital and used to cover the 242.6 million kuna loss recorded in 2017, following which Petrokemija will carry out a reverse stock split to cut its capital by 392.6 million kuna.
The Petrokemija group employs 1,699. The Croatian government controls some 80% of Petrokemija.
(1 euro=7.40162 kuna)