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Mercator Reports EUR 17.7M in Half-Year Profit

Ljubljana, 24 August (STA) - The group around Slovenia's leading grocer Mercator reported a net profit of EUR 17.7m for the first half of this year, which is up 60% on the figure the company released for the same period last year.

With a headcount of 22,407, the group generated EUR 1.335bn in sales revenues in the first half of the year, which is 3.2% up year on year, a summary of the semi-annual report released by Mercator on Tuesday shows.

The company said it had managed to increase revenues despite the extremely demanding economic conditions; economic growth rates in all of its markets are below projections, which has reflected on consumption.

Mercator also pointed to exchange rate risks, in particular the volatility in the exchange rate of the Serbian dinar. It said that poor liquidity and payment default in all markets increased credit risks.

The group invested about EUR 45m in the first half of the year, mainly in developing its retail network. At the same time it continued strategic partnership activities by acquiring Croatia's Getro Montenegro's Pantomarket and Serbia's Coka.

Mercator will publish the entire report for the first half of the year on the website of the Ljubljana Stock Exchange on Wednesday. The management will speak about the results at a special press conference.

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