The Zagreb Holding Group, the corporate entity controlling all municipal utilities, posted a 14.1 million kuna (€1.9 million) profit in H1 2022, up from a 60.1 million kuna (€8 million) loss in the same period last year, according to the company's consolidated financial statement released on the Zagreb Stock Exchange website on Thursday,

The Group generated 2.47 billion kuna in revenues and has 2.45 billion kuna in expenses. Operating income was 2.41 billion kuna, up by 23 percent on the year, while operating expenses were 2.36 billion kuna, up by 19 percent.

Earnings before interest, taxes, depreciation and amortization totaled 255 million kuna, up 42 percent year-on-year, and operating profit was 53.7 million kuna, whereas H1 2021 saw a 22.3 million kuna operating loss.

The statement notes that 484 surplus workers will be laid off, state agency Hina said, without clarifying how many employees the Holding has in total.

Zagreb Holding also said that its assembly decided yesterday to ask for the City Assembly’s consent for borrowing €240 million to refinance their existing loan payments. Hina did not report what the company’s debt was.

(€1 = 7.51 kuna)