Listed members of Croatia's Agrokor concern report profit in H1

News stand operator Tisak [ZSE:TISK-R-A] recorded a profit of 973 million kuna ($155.3 million/131.5 million euro) in the six month period and was the most profitable company among Agrokor's listed units, according to Tisak's estimated financial statement filed with the Zagreb bourse last week.

Tisak's first-half EBITDA, however, is forecast at a negative 37 million kuna, with a negative EBITDA margin of 3.8%. The company's gross margin is seen at 19.9%.

Soft drinks and water bottling company Jamnica [ZSE:JMNC-R-A] followed with a profit of 645 million kuna. Its EBITDA is estimated to reach 132 million kuna with a margin of 20%, while its gross margin is seen at 53%.

Food company Belje [ZSE:BLJE-R-A] is forecast to see a profit of 597 million kuna with EBITDA of 81 million kuna and a margin of 14%. Its gross margin is expected at 31%.

Ice cream and frozen food company Ledo [ZSE:LEDO-R-A] reported an estimated 488 million kuna profit in the six months through June. Its EBITDA is expected to reach 106 million kuna with a margin of 22%, and a gross margin of 46%.

Edible oil, mayonnaise and margarine maker Zvijezda [ZSE:ZVZD-R-A] expects a profit of 306 million kuna and EBITDA of 24 million kuna with a margin of 7.8%, and a gross margin of 27%. Meat processing company PIK-Vinkovci [ZSE:PIVK-R-A] expects a profit of 148 million kuna, EBITDA of 15 million kuna with a 10% margin, and a gross margin of 38%.

The least profitable company is expected to be agricultural conglomerate Vupik [ZSE:VPIK-R-A] with a profit of 134 million kuna, EBITDA of 32 million kuna with a 24% margin, and a gross margin of 40%.

The companies were unable to give comparative results for the first half of last year as their financial reports are still under audit.

In July, the companies said they will not publish their 2016 full reports until August 31 and their first and second quarter results for 2017 until further notice, because PricewaterhouseCoopers, hired to audit the concern's statements, has an extensive job ahead.

(1 euro=7.39691 kuna)