Business News

Istrabenz Posts EUR 2.9m Half-Year Loss

Koper, 31 August (STA) - Istrabenz, the insolvent conglomerate, reported a EUR 2.9m net loss for the first six months of 2010 on Tuesday, down from a EUR 62m loss in the same period last year. The group's financial debt decreased by EUR 19m to EUR 797m.

Sales revenue six months into the year is roughly level compared to the same period last year, at EUR 302m. Revenue was up above all in the electricity division, while the biggest drop was recorded in the food division.

The Istrabenz group managed to increase half-year earnings before interest and tax (EBIT) from EUR 12m to EUR 19.5m, while pre-tax profit (EBITDA) increased from EUR 33m to just under EUR 40m.

While favourable price and expenditure developments helped boost profit in the food section despite lower revenues, the group also made a EUR 3.4m profit with the sale of real estate in its tourism division, the report states.

Negative figures were reported by Istrabenz's tourism section as well as by the IT group Actual, while food division Droga Kolinska, and Instalacija, the operator of largest tank farm for petroleum products in Slovenia, performed better year-on-year.

Istrabenz shareholders recently endorsed sale of the food division Droga Kolinska to Croatian company Atlantic Grupa, a deal worth EUR 382m minus the food firm's net financial debt.

The bulk of the loss, EUR 4m, was generated by the Istrabenz holding company. The holding had a half-year loss of EUR 59m in 2009.

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