Croatia's largest chain of Adriatic marinas ACI said on Wednesday that the company posted a net profit of 33.7 million kuna (€4.5 million) over the first nine months of 2019, down by 5.7 million kuna (€767,000) or 14.6 percent compared to the same period of 2018.

Almost the entire profits during this period was generated during the three peak summer season months – July, August, and September – which earned the company some 32.5 million kuna (€4.4 million).

Although total revenues in the first nine months amounted to 186.4 million kuna (€25 million), up by 8.2 million (€1.1 million) or 5 percent year-on-year, total expenses rose by 12 percent year-on-year to reach 145.3 million kuna (€19.5 million).

The company said that the rise in operating costs was due to losses of generated by the marina in the northern Adriatic town of Rovinj, which opened after an extensive overhaul in April. The company said that completing the overhaul was its largest major investment in the period, costing more than 150 million kuna (€20 million).

(€1 = 7.43 kuna)