Business News

Žito Posts Upbeat Q1 Results

Ljubljana, 31 May (STA) - Žito, one of Slovenia's largest food companies, posted Q1 net sales that were flat year-on-year at EUR 28m, but net profit surged to EUR 371,000 from less than EUR 2,000 a year ago, according to the interim report released on Friday.

"The positive result is proof that notable results can be achieved by adapting to the market conditions and with shifts in business operations," chairman Janez Bojc said according to a press release from the company.

Pre-tax profit (EBITDA) was up 19.4% to EUR 2m and operating profit (EBIT) more than doubled to EUR 628,000, suggests results which were reviewed by the company's supervisory board.

Žito, which specialises in milling and confectionery products, will hold a shareholders meeting on 10 June. The management and supervisory boards propose a dividend of one euro per share gross, down from EUR 3.5 a year ago.

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