Business News

Zito Sales Down, Profit Up

Ljubljana, 26 August (STA) - Zito, the Ljubljana-based bread and pasta maker, reported on Thursday a EUR 0.7m net profit for the first half of 2010, a 94% increase on the same period last year.

The group's revenues were down 6% to EUR 53.1m, while earnings before interest and tax (EBIT) increased 148% year-on-year to EUR 2.57m.

Sales dropped in almost all segments, the most in frozen foodstuffs and pastry. The group generated 85% of its revenues on the domestic market.

The core company also reported an increase in half-year net profit, from EUR 255,000 to EUR 1.2m. Revenues stayed level at EUR 51m, while earnings before interest and tax increased by 192% to EUR 2.93m.

Zito had a workforce of 1,408 at the end of July, which is 5% less than at the start of the year.

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