Business News

Mercator Still in the Red

Ljubljana, 28 August (STA) - Retailer Mercator posted a group net loss of EUR 15.1m for the first six months of 2013, down a fifth year-on-year, while operating profit halved to EUR 11.3m. Sales revenue dropped 3.3% to just under EUR 1.4bn, having fallen in both key markets, Slovenia and Croatia.

The company said late on Tuesday it attributed the drop in sales to declining purchasing power of consumers and the gradual discontinuation of operations in Bulgaria and Albania.

Mercator's struggles are also evident from the data on investments, which dropped 73% over the year before to just EUR 10.2m.

However, it also continued to deleverage, reducing its net debt by EUR 17.6m to EUR 990m.

The Mercator management will present the details of the interim report at a press conference later today.

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