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Tuš group back in the black

Celje, 06 September (STA) - The retail group Tuš finished 2016 with a net profit of EUR 4.8m and net sales revenues of EUR 510m, rebounding from a EUR 4.3m loss in the year before.

The group consisting of retailer Engrotuš, real estate management firm Tuš nepremičnine and the Tuš holding generated 97% of its revenue in retail and 2.4% in the real estate business.

The group managed to get out of red figures in 2015 and the positive trends continued last year, the company said on Tuesday.

The revenues in 2016 were somewhat lower than in 2015 due to the sale of the telecommunications arm in the second quarter of 2015 and the sale of cinema complex Planet Tuš Koper in 2016.

Last year, the group focused on retail as its core activity, and continued to sell non-essential assets.

The group renovated 25 of its stores last year and another 10 this year. Several more renovations as well as opening of new stores are planned for this year.

The Tuš retail chain is in the process of sale. Reportedly, the only interested investor is British financial fund AnaCap Financial Partners. Tuš's creditor banks started selling their claims to the group amounting to EUR 300m last autumn.

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