Business News

Port Operator Luka Koper Ups Profit by 25% in First Half

Koper, 26 August (STA) - Port operator Luka Koper posted a net profit of EUR 7.3m in the first half of the year, which is 25% more than in the same period last year. The group's net profit also increased by a quarter to EUR 7.8m, the company said in a press release on Monday.

Although the volume of cargo transshipment was down 2% compared to the first half of 2012, revenues were up 3% to EUR 73.2m.

Transshipment of containers, including an improved structure of additional services, contributed the most to the growth of revenues, while growth was also recorded in general cargo, according to the press release.

Revenues generated at the car terminal were down due to reduced imports of cars, as were revenues generated by the bulk cargo department due to a reduced transshipment of soy.

In the first half of 2012, the Luka Koper group reduced its debt by 8% to EUR 169.9m to cut the ratio of debt to capital to 66%.

The results are being discussed today by the supervisory board, which met to appoint a new chairman for a five-year term as the term of the incumbent chairman Bojan Brank runs out at the beginning of September.

It is not certain whether the supervisors will make a decision today as the candidates for the post includes Gašpar Gašpar Mišič, an ex-state secretary at the PM's office who recently resigned the post to run for Luka Koper chairman, receiving a lot of criticism from all sides.

Gašpar Mišič's bid has raised a lot of dust in the political arena and raised questions about staffing in state-owned companies, with most parliamentary parties labelling his move as inappropriate.

The supervisors were tight-lipped before the session, with chief supervisor Dino Klobas saying that the decision could be postponed in case there was no wide consensus about the new chairman.

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