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KD Group Reports Surge in H1 Profit

Ljubljana, 29 August (STA) - One of Slovenia's biggest financial groups, KD Group, announced a net profit of EUR 8.1m for the first half of the year, which is nearly a seven-fold increase on EUR 1.2m reported for the same period last year.

Operating revenues rose 10% to EUR 199m. As much as 83% of these were generated by insurance premiums, the unaudited semi-annual report posted by KD Group on the website of the Ljubljana Stock Exchange Monday shows.

The group's total assets added up to EUR 893.8m at the end of June, 3% up on the end of 2010. Capital increased by 6% to EUR 145.6m. Financial liabilities were up 2% to EUR 172.8m.

The core KD Group company made a loss of EUR 1.75m in the first half of the year. It reported a profit of EUR 3.3m in the same period last year.

Quoting unnamed sources, the business daily Finance reported last week that KD Group was withdrawing from parts of Southeast Europe and was selling the bank KD Banka and its stake in the small DBS bank.

Finance alleged that KD Group was barely struggling with its liabilities, but chairman Matjaz Gantar said that the company was not forced into selling and that everything was always on sale at a right price.

The report also said that Gantar admitted that the current KD strategy was a strategy of survival in which the group would like to retain its position at home in insurance and asset management.

According to Finance, the insurance division and fund manager KD Skladi are operating at a profit in Slovenia. In SE Europe, the company is to stay in Croatia, and possibly also in Serbia and Macedonia.

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