October 31 (SeeNews) - Croatian blue-chip power transmission facilities maker Dalekovod reported on Wednesday a drop in its net profit through September to 20 million kuna ($3.9 million/2.7 million euro) from 51.7 million kuna in the year-ago period, mostly due to sharp decline in third-quarter earnings.
Dalekovod's net profit for the third quarter fell to 2.1 million kuna from 11 million a year earlier, the company said in a statement to the Zagreb Stock Exchange.
The fall in profitability is due to cyclical factors in the construction industry because in the third quarter this year Dalekovod was completing work on some large projects and starting preparations for significant new deals, the statement said. Company officials were not immediately available to comment.
The company’s shares closed at 1,540 kuna on the Zagreb bourse on Wednesday, down 1.72%.
Details follow:
| In millions of kuna: |
Jan-Sept’07 |
Jan-Sept’06 |
July-Sept’07 |
July-Sept’06 |
| Net profit |
20 |
51.7 |
2.1 |
11 |
| Pre-tax profit |
26.2 |
62.4 |
1.1 |
14.4 |
| Total revenue |
1,012 |
1,057 |
361.8 |
404.5 |
| Total costs |
985.8 |
994.6 |
360.7 |
390.1 |
(1 euro = 7.3455 Croatian kuna)