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Slovenia's KD Group swings to 118.7 mln euro net profit in H1

Author Iskra Pavlova
Slovenia's KD Group swings to 118.7 mln euro net profit in H1 Slovenia's KD Group, Photo:

LJUBLJANA (Slovenia), October 9 (SeeNews) - Slovenian financial services provider KD Group [LJE: KDHR] said it turned to a 118.7 million euro ($130 million) net profit in the first half of 2019 from a 900,000 euro loss in the like period of 2018.

The considerable six-month profit came mainly as a result of the sale of insurer Adriatic Slovenica and all its subsidiaries, KD Group said in a Ljubljana bourse filing last week.

In February, KD completed the sale of Adriatic Slovenica and management company KD Funds to the Slovenian arm of Italy's Generali Group. The 100% stake in Adriatic Slovenica was sold for 245 million euro, KD said earlier.

As a result, the group's revenue jumped to 142 million euro in January-June this year from just 2.6 million euro in the first six months of 2018, KD Group's revised six-month financial statement showed. Its costs also increased, to 15 million euro from 5.4 million euro.

KD Group's assets decreased to 229 million euro at end-June from 792 million euro a year earlier, while its capital rose to 219 million euro from 115 million euro at the end of June 2018.

Its shares traded at 86.5 euro by 1150 on Wednesday, unchanged from Tuesday's close.

($=0.910780 euro)