Business News

Žito Reports Higher Profit, Flat Revenue

Ljubljana, 28 August (STA) - Bread and pasta maker Žito, one of the companies planned for privatisation, saw its half-year consolidated net profit rise by 11% year-on-year to EUR 602,571 with sales revenue flat at EUR 53.7m.

According to a press release from the company, Žito Group generated EUR 3.6m in earnings before interest, taxes, depreciation and amortisation (EBITDA) in the first half of the year, down 2% from the same period last year. Operating profit was up 10% to EUR 803,670 in the same period.

The core company alone posted a net revenue of EUR 49.7m, 1% less than in the first half of 2013, with net profit slumping 65% to EUR 199,244. EBITDA was down 15% to EUR 2.6m and operating profit fell 57% to EUR 313,338.

Financial liabilities were reduced by 39% to EUR 13.4m at the group and EUR 14.4m.

The release from the company cited chairman Janez Bojc as expressing satisfaction with the results, considering a 21% growth in sales in most of key export markets.

"An important step was in the ready-to-bake bread in the EU and South Eastern Europe. We also completed several investments in the half-year worth 1.3 million eurs," Bojc was cited as saying.

The operating results were reviewed Wednesday by the supervisory board, which elected Milan Kneževič as new chief supervisor to succeed Tomi Rumpf, whose term in office ended in July.

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