September 4 (SeeNews) - Croatia's mayonnaise and margarine producer Zvijezda [ZSE:ZVZD], a member of ailing Agrokor concern, said it booked a consolidated net profit of 17.2 million kuna ($2.7 million/2.3 million euro) in the first half, compared to a loss of 74.3 million kuna a year earlier.
Zvijezda's total revenue increased 2.0% on the year 371.0 million kuna in the first six months of 2018, while total costs shrank to 349.0 million kuna from 432.5 million kuna, the company said in an interim financial statement on Monday.
The company's long-term liabilities fell by a slight 0.02% to 56.2 million kuna, while short-term debt dropped to 594.1 million kuna from 608.8 million kuna.
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.
Bondholders 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=7.43072 kuna)