Business News

Intereuropa Sales, Profit Plunge

Koper, 14 November (STA) - Logistics company Intereuropa reported a 30% drop in group net profit for the first nine months of the year, to EUR 5m. Sales revenue plunged 14% to EUR 121.8m, the company said Thursday.

The company attributes the decline to the effects of Croatia's accession to the EU, which has eroded the demand for customs procedures, and the sale of a logistics centre near Moscow.

By the end of the year the contraction of revenue is expected to stabilise, according to a press release from Intereuropa.

The company has been struggling for years to turn a corner following questionable business decisions by former executives who are now being sued for damages.

Its decline has been mirrored on the stock market, where the Intereuropa stock is currently trading at around 40 cents, over 30% below its value at the beginning of the year and a fraction of its EUR 51 peak from mid-2007.

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