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Profit at Tuš group up by a third in 2017

Celje, 09 February (STA) - Retail group Tuš saw its net profit increase by 30% to EUR 6.2m in 2017 over 2016, show unaudited results released on Friday. Meanwhile, net revenue dropped by 3% to EUR 493m.

Group EBITDA amounted to EUR 19.7m, up 20% from 2016, with the highest increase recorded in the group's core activity, retail, where it more than doubled.

According to the group, the figures are a result of a "balanced development and group management". The group attributes the fall in revenue to the sale of its assets in Macedonia.

The company continued focusing on its core activity last year, withdrawing from foreign markets and selling off unnecessary assets.

The group turned the figures around in 2016, when it posted a net profit of EUR 4.8m after reporting a net loss of EUR 4.3m the year before.

The troubled group also stressed that it regularly fulfilled its commitments to creditors and that it had repaid more than EUR 300m in debt to creditors since 2011.

Meanwhile, Abanka, one of the creditor banks, published a call for applications for its claims to the group totalling almost EUR 62m today.

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