July 26 (SeeNews) - Croatia's food company Belje [ZSE:BLJE], a member of ailing Agrokor concern, said on Thursday it turned to a consolidated net profit of 1.7 million kuna ($269,043/229,671 euro) in the first quarter, from a loss of 16.1 million kuna in the like period of last year.
Belje's total revenue dropped 9.2% on the year to 322.7 million kuna, while its total costs fell to 320.9 million kuna from 371.7 million kuna, the company said in filing to the Zagreb bourse.
The company's long-term liabilities remained unchanged on the year at 76.8 million kuna in the three months ended March 31, while its short term debt increased to 1.68 billion kuna from 1.65 billion kuna a year earlier.
In April last year, the government seized control of Agrokor from its owner Ivica Todoric under special legislation designed to prevent the collapse of the concern.
On July 4, Agrokor creditors holding 80.20% of total claims against the concern voted to uphold a settlement deal which envisages the establishment of a new Agrokor concern owned by the creditors, in which the largest individual shareholder will be Russia's Sberbank with a 39.2% stake.
Bond holders will have a 24.9% stake, local financial institutions 15.3%, Russia's VTB bank 7.5%, while suppliers will hold 4.7%. Among the Croatian suppliers of Agrokor, diversified conglomerate Adris Grupa [ZSE:ADRS] will have the largest share of the new concern with a 1.4% stake.
(euro=7.39900 kuna)