You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

Croatia's Podravka 9-mo cons net profit rises 4.5% y/y

Croatia's Podravka 9-mo cons net profit rises 4.5% y/y Author: Radomir Ralev

ZAGREB (Croatia), October 30 (SeeNews) - Croatian food, beverage and drug producer Podravka [ZSE:PODR] said on Wednesday its consolidated net profit rose to 194.3 million kuna ($28.9 million/26 million euro) in the first nine months of 2019, from 185.9 million kuna in the like period of last year.

The sales revenue of the company rose 5.2% on the year to 3.238 billion kuna on the back of newly launched product innovations, boosted by strong marketing activities, Podravka said in a filing with the Zagreb Stock Exchange (ZSE).

The food segment achieved 2.550 billion kuna in sales revenue, up 4.6% on the year.

Podravka's other business segment, pharmaceuticals, saw a 7.7% growth in revenue to 688.2 million kuna.

The highest relative rate of revenue increase of 13.1% was recorded in the market area of Eastern Europe, followed by 9.1% in Western Europe and overseas countries and 4.9% in the Adriatic region.

Podravka's revenue on the New Markets segment decreased by 36.6%, Podravka said.

The company's consolidated EBITDA rose 8.9% to 413.2 million kuna, while cash capital expenditures dropped 6.5% to 101.4 million kuna.

(1 euro = 7.46318 kuna)