The consolidated business reports of six companies owned by the Agrokor food and retail group that are listed on the Zagreb Stock Exchange showed that four of them - the fozen food maker Ledo, edible oil company Zvijezda, mineral water maker Jamnica, and agriculture company Belje - all posted profits in the first six months of 2018.

The remaining two publicly traded companies – the farming businesses PIK Vinkovci and Vupik – posted losses.

Croatia’s largest ice cream producer, Ledo Group, posted a total profit of 206.9 million kuna (€27.9 million) in the first half of 2018, or 46.8 percent up from the same period last year, with the total revenue increasing by 9.8 percent to 1.18 billion kuna (€159.2 million). The main source of the company’s income was from sales, which grew to 1.15 billion kuna (€155.2 million), or 11.7 percent year-on-year. Ledo’s expenditures also increased, by 3.1 percent year-on-year, to 930.8 million kuna (€125.6 million).

The major water bottling company Jamnica posted a net profit of 116.9 million kuna (€15.8 million) over the first six months of 2018, a whopping 98.8 increase compared to the same period in 2017. The total revenue of the Jamnica Group was 1.14 billion kuna (€153.8 million), or 8 percent down year-on-year. Jamnica’s management attributed the lower revenue to lower financial incomes, as interests on old inter-company loans Jamnica issued ceased to be calculated and charged after the state-appointed crisis administration took over the entire Agrokor group in April 2017.

Over the first six months of this year, Jamnica Group posted a 1.12 billion kuna sales revenue (€151.1 million), down 6.4 percent from the same period in 2017. However, expenditures were also cut by 13 percent to 995.3 million kuna (€134.3 million). The drop in expenditures was attributed to the adjustment in value of the company’s receivables, by 75.3 million kuna (€10.1 million).

Edible oil producer Zvijezda posted a 17.2 million kuna (€2.3 million) profit in the first half of 2018, after recording a 74.3 million kuna (€10 million) loss in the same period last year. Total revenues increased by 2 percent to 371.04 million kuna (€50 million), including sales revenue, which grew to 363.6 million kuna (€49 million), or 5.9 percent up year-on-year. The total expenditures were also reduced to 349 million kuna (€47 million), or 19.3 percent down from last year.

Agriculture company Belje posted a 8.6 million kuna (€1.1 million) profit in H1 2018, down by 2.8 million kuna from the same period last year. The company’s revenues totalled 655.2 million kuna (€88.4 million), or 5.5 percent down, with sales revenue also down by 5.5 percent, to 576.8 million kuna (€77.8 million). The company’s expenditures were also cut to 646.6 million kuna (€87.2 million), which is 5.2 percent down from 2017.

On the other hand, the PIK Vinkovci wheat producer ended the first half of the year with a 22 million kuna (€2.9 million) loss, still staying in the red after posting a 19.3 million kuna (€2.6 million) loss in the same period last year. The company’s revenues this year were 337.4 million kuna (€45.5 million), or up by 108.2 percent – but its expenditures jumped even more, by 118.3 percent, to 359.5 million kuna (€48.5 million).

Sales revenue posted by PIK Vinkovci was 324.3 million kuna (€43.7 million). Sales in foreign markets yielded a 71.9 million kuna (€9.7 million) revenue, and the company said they also spent 5.8 million kuna (€780,000) on investments.

Vupik Group – another agriculture company owned by Agrokor – ended H1 2018 with a 13 million kuna (€1.7 million) loss, down from H1 2017 when it posted a 1.1 million kuna (€148,000) profit. Its total revenue was 132.1 million kuna (€17.8 million) in the same period, down by 19.7 percent from last year, with sales revenue dropping by 21.2 percent to 105.4 million kuna (€14.2 million).

The company said the cause of lower sales was mostly due to lower market prices of pig fatlings that the company farms. Vupik’s total expenditures were reduced in the first six months of 2018 to 144.9 million kuna (€19.5 million), or 11.4 percent down from H1 2017.

(€1 = 7.41 kuna)

Follow N1 via mobile apps for Android | iPhone/iPad | Windows| and social media on Twitter | Facebook.