Business News

Group around Istrabenz Returns to Profit in 2011

Koper, 20 April (STA) - The group around holding Istrabenz, which is undergoing debt restructuring, made EUR 23.21m in net profit in 2011, while it made a EUR 12m loss the year before. It generated EUR 144.96m in sales revenues, which is up 5% year-on-year, according to the company's results published on Friday.

The group ended the year in the black because it sold its stakes in companies Instalacija and IG energetski sistemi, while revenues increased mainly due to better results in gas and tourism activities.

Operating profit of the group stood at EUR 466,95m, a significant increase from 2010 due to lower service costs, the group said.

The core company meanwhile made EUR 24.59m in net profit in 2011, up from some EUR 7m in 2010. Istrabenz's sales revenues stood at EUR 587,041, which is a 7% decrease from the year before.

The company's operating loss amounted to EUR 2m, which is a considerable improvement year-on-year, the company said.

Istrabenz's net profit was affected by write-downs on financial assets, which stood at EUR 10.27m last year and impairments of investments in affiliated companies, which amounted to EUR 8.37m.

According to Istrabenz chairman Rudi Grbec, the Koper-based company ended the second year of debt restructuring with 49.5% of claims repaid, while it plans to pay off another 12.5% at the conclusion of the Istalacija sale.

"Everything we have accomplished, however, does not guarantee entirely successful completion of the restructuring plan in the current economic situation," he noted.

Istrabenz is in major ownership of the energy group Petrol, which held a 32.63% stake in the company at the end of last year, followed by NFD Holding (13.99%), Slovenia's biggest bank NLB (13.14%) and the bank Gorenjska banka (7.3%).

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