Croatia, Zagreb: Croatian blue-chip electrical equipment producer KONČAR - Electrical Industry said the consolidated net profit increased 16.8 % in the first half of 2016.

Končar Group H1 cons net profit jumps 16.8 % y/y

Croatia, Zagreb: Croatian blue-chip electrical equipment producer KONČAR – Electrical Industry said the consolidated net profit increased 16.8 % in the first half of 2016.

The consolidated net profit of the Končar Group increased 16.8 % year-on-year to USD 8.5 million.

The group’s consolidated operating revenues dropped 16.1 % in the period of January-June, while operating costs fell 16.7 %. Thus resulting in an operating profit increase of 3.1 %.

Out of the total of 18 companies within the Končar Group, 17 operated with positive results, while one company saw a net loss of USD 0.74 million.

Končar earned 9% of its total sales revenue on regional markets, while the EU was its largest market with a share of 56%.

In June, Croatia sold a 20.5% stake in Končar to 9 bidders, mostly pension funds.

Source: SeeNews