April 29 (SeeNews) - Croatian food, beverage and drug producer Podravka [ZSE:PODR-R-A] said on Friday its first-quarter consolidated net profit after minority interests fell 70% on the year to 18 million kuna ($2.6 million/2.4 million euro).
The group's sales revenues dropped 8.4% on the year to 913.2 million kuna in the January-March period, Podravka said in its quarterly report.
The company suffered a drop in sales on most of its markets in the three months through March, with the biggest loss seen in Russia and the Commonwealth of Independent States where revenues fell to 54.2 million kuna from 62.7 million kuna. Podravka's sales revenue on its largest market, the Adria region, fell 10% to 637.3 million kuna.
In Europe, Podravka suffered a 4.4% drop in sales to 185.5 million kuna. The company only saw positive results on the new markets region where it booked a growth of 11.5% to 36.2 million kuna.
Podravka's earnings before interest, taxes, depreciation and amortisation (EBITDA) lost 40.3% to 75.8 million kuna, while its capital expenditure dropped 30% to 84.7 million kuna through March.
(1 euro=7.46754 kuna)