February 20 (SeeNews) - Croatian fertilizer maker Petrokemija [ZSE:PTKM-R-A] said on Monday its non-consolidated net loss narrowed to 87.3 million kuna ($12.4 million/11.7 million euro) in 2016 from 92.5 million kuna a year earlier.
The company's total revenues dropped 24.8% on the year to 1.9 billion kuna in January-December, while EBITDA contracted 35.2% to 33.7 million kuna, Petrokemija said in a filing with the Zagreb bourse.
Petrokemija's sales of mineral fertilizers declined by 5.8% to 1,086,000 tonnes. Sales on the domestic market totalled 288,000 tonnes, while 798,000 tonnes were sold on foreign markets.
Petrokemija had 1,595 employees at the end of last year, a cut of 1.4% compared to December 31, 2015.
Investments in 2016 reached 148.2 million kuna, up 94.9 million kuna year-on-year.
In September, Petrokemija signed a 200 million kuna loan agreement with state-owned Croatian development bank Hrvatska banka za obnovu i razvitak (HBOR). It said at the time that the funds will be directed towards company restructuring and financial consolidation in line with a Croatian government decision.
In May, the government removed Petrokemija from a list of companies considered to be of strategic importance for the country and therefore banned from sale, along with a further seven big firms. It had said earlier it would like to find a strategic partner for the company, while retaining a stake of at least 25% plus one share.
(1 euro=7.44830 kuna)