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Istrabenz Group Returns to Profit, Holding Still in Red

Ljubljana, 23 November (STA) - The group around the indebted Istrabenz holding reported on Friday a EUR 2.37m net profit for the first nine months of 2012, which comes after a EUR 3.39m nine-month loss last year. It generated EUR 108.58m in sales revenue, a 5% increase year-on-year and mostly a result of higher revenue in the gas and tourism segments.

The group managed to decrease its net debt by 8% to EUR 295.9m, primarily as a result of a reduced debt by the holding. The gas segment Istrabenz plini increased its debt.

The total assets of the group were at EUR 19.84m in September, which is 48% more than at the end of 2011.

The Istrabenz holding, which is undergoing court mandated debt restructuring, saw EUR 402,417 in sales revenue, which is a 9% year-on-year drop. Revenue from the sale of real estate helped halve the holding's net loss to EUR 2.63m.

The holding's operating loss (EBIT) decreased by 88% to EUR 150,000, the company said, adding it had continued to reduce operating costs, by 34% compared to the same period last year.

Istrabenz's financial debt stood at EUR 195.1m at the end of September, which is a decrease on the end of 2011.

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