The Adris tourism and insurance group generated a consolidated net profit of HRK 663 million in the first nine months of 2019, down by HRK 89 million or 12% from the same period in 2018, the company's financial statement showed on Tuesday.

The decline was due to strong investment and acquisition activities in 2018 and 2019 which were aimed at increasing the group’s profitability and long-term sustainability.

In the first nine months of this year, total revenue was HRK 4.92 billion, an increase of 4% on the same period last year, and sales revenue rose by 7% to HRK 4.34 billion.

The increased cost of depreciation, the launch of new tourism products and the completion of restructuring at Group level reached HRK 118 million.

(€1 = 7.44 kuna)