Business News

Žito's Profit, Revenues Down in Q1

Ljubljana, 19 May (STA) - Bread and pasta maker Žito group made EUR 269,670 in net profit in the first three months of 2014. This is 41.7% less than in the same period last year, the company announced on Monday. Net revenues were down 2.9% to EUR 27.14m.

Operating profit was also down - by 14.9% to EUR 534,434. "Despite the somewhat worse home results, we are operating with profit and are efficient. We have good exports," Žito chairman said in a press release posted on the website of the Ljubljana Stock Exchange. Exports were up 16% in the first quarter.

Žito is one of 15 companies slated for privatisation, with the state-run SOD, pension insurer Modra zavarovalnica, asset management funds KD Kapital and KD Skladi, insurer Adriatic Slovenica, and asset management firm NLB Skladi selling a 51.13% stake in the company.

Žito had 1,138 employees in March, which is down 1.04% year-on-year.

The owners of Žito are to hold a meeting on 20 June to decide on the distribution of the EUR 25.98m in distributable profit. The management proposed to allocate EUR 1.09m for dividends. This means EUR 3.40 per share and compares to EUR 2.99 paid out in 2013.

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