The Uljanik Group shipbuilder based in Pula generated a loss of 41.6 million kuna (€5.6 million) in Q1 2018, increasing its year-on-year quarterly loss from 33.2 million kuna in Q1 2017, the company's financial report published on Monday said.

Uljanik’s total revenue in the first three months of 2018 was 406.5 million, down a whopping 51 percent quarter-on-quarter, with sales revenue dropping to 318.7 million, or 50 percent. The company’s expenditure also fell, by 48.4 percent to 448.2 million kuna.

On the other hand, the group’s holding company Uljanik JSC generated a net profit of 21.3 million, an increase of 37.8 percent compared to Q1 2017. Total revenue reached was down 30.3 percent to 359.5 million, with sales revenue down by 31 percent to 289 million.

The majority-government owned holding company Uljanik JSC chose the Croatian-based Kermas Energija group for its strategic partner in March. Uljanik and Kermas Energija are expected to draw up a viable restructuring programme, for which the European Commission gave it a six-months deadline in January.

(€1 = 7.41 kuna)

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