Business News

Mercator Reports Slightly Lower Q1 Loss

Ljubljana, 20 May (STA) - Slovenia's leading grocer Mercator managed to slightly reduce group loss in the first quarter of the year to EUR 8.5m, 1.1% less than in the same period last year. Net group sales revenue fell 5.1% year-on-year to EUR 625m, which the company says is in accordance with plans.

The fall in revenue is attributed to the withdrawal from the Bulgarian market, closure of some unprofitable units, the impact of shift in bank holidays and further decline in the purchasing power, according to a press release posted on the Ljubljana Stock Exchange.

Operating profit was up more than fourfold from the first quarter of last year to EUR 5m, while earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 5.1% to EUR 22.7m.

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