Business News

Luka Koper group net profit down 28% in first half

Koper, 30 August (STA) - Port operator Luka Koper posted revenue of EUR 120 million in the first half of the year, up 6% over the same period in 2018. Net profit declined by 28% to EUR 25 million, according to an earnings report released on Friday.

The bulk of the decline in profit is attributed to a damage claim worth over EUR 9 million. Without the one-off charge, profit would have contracted by only 8%, the company said.

The second major reason is an increase in labour costs of EUR 8.4 million due to the hiring of workers that had previously been sourced from port services companies.

The number of employees thus surged by 40% over the year before to 1,662.

At the same time, investments were almost four times higher than in the same period last year, at EUR 16.5 million, with several major investments completed and additional big-ticket items under construction, including a new ro-ro terminal, a parking garage and extension of pier 1.

Volume-wise, the port saw transshipments decline by a percent, as the car business continues to contract and instability in global trade continues, according to the company.

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