Business News

Droga Kolinska Back in Black

Ljubljana, 30 November (STA) - Food group Droga Kolinska reported on Tuesday a EUR 8.8m net profit for the first nine months of this year. The sales revenues of the group stood at EUR 232.2m, down 4% year-on-year.

The profit for Droga Kolinska, which was sold recently to Croatian company Atlantic Grupa, comes after a EUR 3.3m net loss in the same period last year. Operating profit was up 49% to EUR 22.5m.

According to the company, a comparison with last-year's revenues is difficult to make as Droga Kolinska sold off some of its programmes by June 2009.

Performance in the first nine months is in line with plans, despite the difficult situation on the group's key markets.

Droga Kolinska has substantially reduced its debt, which stood at EUR 131m at the end of September, down 16% on the same month last year.

Droga Kolinska was acquired from insolvent holding Istrabenz by Atlantic Grupa, whose main business is sports food production. The deal was finalised last week as Istrabenz received EUR 243.11m.

The price agreed in the 30 June agreement was EUR 382m, lessened by Droga Kolinska's net debt on the day of closure. Istrabenz had hoped to get EUR 235m.

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