August 31 (SeeNews) - Slovenian retailer Mercator [LJE:MELR] said on Thursday its consolidated net profit grew to 10.4 million euro ($12.4 million) in the first half of 2017, up 6.5 million euro on the prior-year period.
Consolidated revenue fell 7.9% on the year to 1.15 billion euro in the six months through June as a result of the divestment of non-core operations of Modiana and Intersport in 2016, the optimisation of wholesale channels, and the closing down of stores in Serbia, the company said in a statement filed with the Ljubljana bourse.
Mercator's consolidated EBITDA rose to 58.3 million euro in the first half of 2017, up 2.2% on the year, while operating income added 20.7% to 21.7 million euro.
The Slovenian group operated 1,198 retail units as of end-June, including franchised stores.
In March, Croatia's ailing food-to-retail Agrokor raised its stake in Mercator from 59.47% to 69.57% under a deal with the Netherlands-based financial holding company Agrokor Investment B.V.
According to available data, Agrokor Investment B.V. was set up by Agrokor owner Ivica Todoric with the purpose of acquiring Mercator. The financial holding company acquired the remaining shares of Mercator in 2015, after Agrokor became the owner of just over 50% of the Slovenian retailer in 2014.
However, in June, Russia's Sberbank seized from Agrokor Investment B.V a 18.53% stake in the Slovenian retailer over debt owed to the bank by Agrokor.
($=0.840561 euro)
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