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Croatia's Viktor Lenac more than doubles H1 net profit

Author Annie Tsoneva
Croatia's Viktor Lenac more than doubles H1 net profit Author: Viktor Lenac shipyard/ Licence: all rights reserved

ZAGREB (Croatia), August 1 (SeeNews) - Croatian shipyard Brodogradiliste Viktor Lenac [ZSE:VLEN] said its consolidated net profit soared to 58.8 million kuna ($8.0 million/7.8 million euro) in the first half of 2022 from 24.2 million kuna in the same period of last year.

“War risks around the Black Sea force shipping companies to seek safer shipyards for their repair works, and that, combined with some postponed overhauls from previous months when the shipping companies used the opportunity of high freight rates to achieve more profit, increased interest to choose Mediterranean shipyards, including Viktor Lenac,” the company said on Friday in a filing to the Zagreb bourse.

Sales revenue rose to 322 million kuna in the firs six months of this year from 169.6 million kuna in the comparable year-ago period.

Operating revenue increased to 328.5 million kuna from 181.4 million kuna, and operating costs widened to 259.2 million kuna from 151.6 million kuna.

The company's majority shareholder is Italian shipbuilding group Palumbo with a stake of almost 82%.

Viktor Lenac's shares traded at 17.20 kuna on Monday afternoon on the Zagreb bourse, up 0.58%.

(1 euro = 7.520 Croatian kuna)

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