July 30 (SeeNews) - Croatia's Atlantic Grupa [ZSE:ATGR-R-A] said on Tuesday its consolidated net profit climbed 28.7% on the year to 215.7 million kuna ($32.6 million/29.2 million euro) without the effect of the new standard - IFRS16 Leases, in the first half of 2019.
"Atlantic Grupa continues to achieve great business results, where the profitability growth again exceeded the solid revenue growth which was generated by the majority of own and principal brands", the CEO of Atlantic Grupa Emil Tedeschi said in the group's first-half interim financial report.
Total sales revenue rose 3.5% on the year to 2.6 billion kuna in the six months through June, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased 19.6% to 354.5 million kuna.
In terms of the group's individual markets, sales in Croatia increased by 10.9% year-on-year in the six months through June, generating 34.3% of the company's total revenue. Sales in Bosnia grew 2.6% and had an 8.3% share in total revenue. Sales in Serbia added 0.6% and contributed 23.3% to total revenue, while sales in Slovenia increased by 4.9% and contributed 17.3%.
Sales on other regional markets jumped 11.7% through June, generating 7.4% of total sales. Atlantic Grupa suffered a substantial 15.1% drop in sales on key European markets, where 4.9% of its overall revenue was sourced. Sales in Russia and the Commonwealth of Independent States fell also by 18.3%, contributing 2.6% of total revenue, while sales on other markets dropped 21.2% and contributed 1.8% of the total result.
Atlantic Grupa is a regional distributor of fast-moving consumer goods and a producer of functional foods and supplements. It also owns a pharmacy chain in Croatia.
(1 euro = 7.38483 kuna)