Business News

Zito with EUR 1.66m Profit in 2009

Ljubljana, 31 March (STA) - Zito, the Ljubljana-based bread and pasta maker, reported a net profit of EUR 1.66m for 2009 on Wednesday. This comes after a EUR 1.4m loss the year before and exceeds plans by 35%. The group's sales revenues were down 1.8% to EUR 116m, the company said in a press release.

Keeping the Zito group in the black is the core company, which managed to improve on its EUR 1.4m profit in 2008 with a EUR 1.9m profit last year.

Meanwhile, having a significant impact on the results was a reevaluation of claims towards subsidiaries on the Croatian and Serbian markets worth a total of EUR 2m.

The group generated 86.8% of its revenues on the domestic market, an increase of 3.8% on the year before. Doing especially well were lines bought in March from food company Droga Kolinska, including a tea and spice line.

Sales on foreign markets were down by 27.6%, mostly due to a poor performance in SE Europe.

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