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Istrabenz Holding Posts EUR 6.9M Profit in 2010

Koper, 21 April (STA) - Istrabenz holding generated a net profit of EUR 6.9m in 2010, which compares to the EUR 61m loss in 2009. On the group level, Istrabenz meanwhile incurred a loss of EUR 12m, down from EUR 72m in the previous year.

The insolvent Koper-based conglomerate, which has been undergoing financial restructuring since March last year, started selling assets, including food maker Droga Kolinska, which fetched EUR 243.1m, to pay off its debts.

The company paid EUR 205.2m of principals and EUR 17.7m of interests, significantly surpassing the financial restructuring plan for 2010, Istrabenz said on Thursday.

Istrabenz holding will continue selling assets, hoping to get EUR 92.6m from it. The company plans to settle EUR 83.5m of its EUR 235,5m debts by the end of the year. It expects EUR 41m in net profit for 2011.

Istrabenz group with investments in energy, tourism, IT and other fields generated EUR 326.6m in revenues, up 22% over the previous year.

The group's operating profit of EUR 6.8m, up 61% year-on-year, was mostly achieved by the group's tourism activities.

The group had a negative capital of EUR 1.6m in 2010, but managed to cover EUR 417.7m of debt, thus remaining EUR 388.2m indebted.

Istrabenz group plans to generate EUR 334.7 in sales revenues in 2011, EUR 10.5 in operating profit and EUR 41.2m in net profit. The latter includes gains from the sales of Istrabenz holding's assets.

Istrabenz's biggest shareholders are energy company Petrol (32.63%), followed by NFD Holding (13.99%) and the banks NLB (13.14%) and Gorenjska banka (7.30%).

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