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Nov 26, 2009 19:21 EEST
LJUBLJANA (Slovenia), November 26 (SeeNews) – Slovenian food producer Droga Kolinska DD said on Thursday it turned to a group net loss of 3.3 million euro ($4.9 million) through September from a 7.2 million euro net profit a year earlier.
"Increased write-offs of receivables on the Serbian market owing to the temporary illiquidity of customers and exchange rate losses due to Serbian dinar's depreciation contributed most to the Droga Kolinska Group's negative financial result and, consequently its negative net result for the period," the company said in a statement to the Ljubljana Stock Exchange.
Droga Kolinska's consolidated EBIT (earnings before interest and taxes) fell 9.0% on the year to 15.0 million euro in the first nine months of 2009 as a result of accounting loss from the sale of non-core businesses in 2009 and the 14% depreciation of the Serbian dinar, as the Group generates around half of its sales revenue on the Serbian market, the statement said.
The company’s group net revenues through September fell to 242.7 million euro from 274.5 million euro a year earlier. Revenues on the Serbian market, expressed in the local currency, increased by 9.0% compared to the same period last year.
“The first nine months of 2009 were characterised by difficult economic conditions, linked to the spread of the global financial crisis to the group's strategic markets and its adverse effects on spending, particularly in the third quarter," the company said.
Droga Kolinska was set up in May 2005 after the merger of Slovenia's top food companies, Droga and Kolinska, which joined forces to stay afloat in the tougher competitive environment of the European Union. Slovenia joined the bloc in 2004.
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