February 20 (SeeNews) - Croatian fertiliser maker Petrokemija [ZSE:PTKM-R-A] said on Tuesday its non-consolidated net loss grew to 146.8 million kuna ($24.4 million/19.7 million euro) in 2017, from 87.3 million kuna a year earlier.
The company's total revenues rose 3.3% to 2.0 billion kuna last year, while EBITDA came in at a negative 12.3 million kuna compared to a positive 33.7 million kuna a year earlier, Petrokemija said in a filing with the Zagreb bourse.
Petrokemija's sales of mineral fertilisers rose by 7.5% to 1.167 million tonnes. Sales on the domestic market totalled 316,900 tonnes, while 850,200 tonnes were sold on foreign markets.
Petrokemija explained that the crisis in Croatia's ailing Agorkor concern has put a strain on fertiliser sales in the region, especially in Slovenia, Bosnia and Herzegovina and Serbia.
The company had 1,572 employees at the end of last year, while the Petrokemija group employed 1,707.
Investments in 2017 reached 103.3 million kuna, compared to some 148 million kuna a year earlier.
Petrokemija noted that its capital and reserves totalled a negative 100 million kuna at the end of December, 146.8 million kuna less than a year earlier. "Losses reported for the year are larger than the recorded capital, indicating the necessity of urgent recapitalisation," the company said, adding that its continued business operations are in question.
On Monday, Croatia's minister of state property, Goran Maric, said that Petrokemija can only operate for a month without a fresh capital injection.
Petrokemija said in December it will increase its capital by up to 450 million kuna to up to 492.9 million kuna by issuing new shares.
The government controls some 80% of Petrokemija.
(1 euro=7.4377 kuna)