The Fortenova Group netted a profit of HRK 318 million in the first half of 2021, as against a loss in the corresponding period in 2020, the Zagreb-based food and retail group reported on Monday.

The group’s consolidated revenues increased by 35% to 12 billion kuna.

“In addition, H1/2021 adjusted consolidated EBITDA was 14 per cent higher, and the Group recorded a net profit in the amount of HRK 318 million vs a loss in H1/2020,” the group says on its web site.

“At the end of H1/2021 the Group also had more than HRK 1.8 billion of cash on its accounts so maintaining its strong liquidity position. These were the key highlights of Fortenova Group’s half-year results presentation to its depositary receipt holders.”

“Given the excellent tourist season, the Group is continuing to trade strongly in Q3, and this along with the synergies that we are achieving in Retail, and the expected closing of the Frozen Food Business Group sale to Nomad Foods will mean that the Fortenova Group’s financial position will continue to improve,” Fabris Peruško, Fortenova Group’s Chief Executive Officer and Member of the Board of Directors, was quoted as saying in his comment on the results achieved in H1/2021.

(€1 = HRK 7.5)