News Feature

Croatian food group publishes profits

28 October 2008

The biggest food group in Croatia said its nine-month net profit increased by 52 per cent compared to the same period a year ago, it has been reported.

Podravka said its net profit had risen to £5.39 million, while its operating profit rose 26 per cent to £12.92 million, according to Reuters.

Overall sales increased by seven per cent, domestic sales fell by one per cent and sales on foreign markets increased by 17 per cent.

Podravka operates in south-east, central and east Europe and is partly owned by the state which has a 26.5 per cent share.

It produces powdered food, soups and meals, pasta, canned meat and children's foods, the source says.

While it is unclear why its profits have increased, the company has recently undergone restructuring by new management which took over in July this year.

A group of representatives from the government, trade unions and employers have put forward a plan to invest £8 billion in Croatia's energy sector, EU Business reported. ADNFCR-1197-ID-18847272-ADNFCR