Business News

Profit Down at Luka Koper

Koper, 26 November (STA) - Port operator Luka Koper increased sales revenues by 5% year-on-year to EUR 92.2m in the first three quarters of the year, but the operating profit fell by 20% to EUR 7.6m and net profit slumped by 76% to just over EUR 1m.

The main reason for the fall was a drop in revenues from financial investments in the third quarter of the year, i.e. a write-down on the 24.8% stake in logistics company Intereuropa.

The unaudited operating nine-month results were reported to the media after they were reviewed by the supervisory board on Friday.

The core company generated EUR 85.7m in revenues, which is up 4.8% on the same period last year. The net profit fell by 82.5% to around EUR 961,000.

Transshipment at the port rose by 16%; 355,285 containers were transshipped between 1 January and 5 October.

Growth in revenues lagged behind the increase in transshipment due to faster turnover of cargo at the port and lower storage charge revenues.

The group increased its financial liabilities in the period by EUR 2.3m to EUR 236.8m, which represents 45% of total assets, the company said.

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