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Podravka nets nearly HRK 70 mln in profits

KOPRIVNICA, March 29 (Hina) - Podravka Group's sales in 2011 amounted to HRK 3.62 billion, up three per cent on the year, while net profit amounted to HRK 69.3 million, management board chairman Zvonimir Mrsic said on Thursday after a supervisory board meeting.

The net margin was 1.9 per cent.

Earnings before interest, taxes, depreciation, and amortisation were HRK 415.5 million, up 15 per cent from 2010.

The sales of the food and beverages division amounted to HRK 2.83 billion, up two per cent, while the pharmaceutical division brought in HRK 796.3 million, up seven per cent on the year.

The food and beverages division increased foreign sales as well. The highest increase, of seven per cent, was recorded in Southeast Europe, with Serbia contributing the most (16 per cent), followed by Bosnia and Herzegovina (six per cent), and Slovenia (four per cent).

Foreign markets accounted for a 13 per cent increase in the sales of the pharmaceutical division.

Capital investments in the modernisation of production and expansion of capacities amounted to HRK 102.2 million.

The company reduced its loan debt by HRK 128.4 million.

(EUR 1 = HRK 7.50)

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