Končar Group Achieved 98.5 Million Kuna Profit

Končar Elektroindustrija reported today that in the first nine months of this year, it achieved a pre-tax profit of 98.5 million kuna. During this period, the Končar group generated a total consolidated revenue of 2.2 billion kuna.

The consolidated profit of the group before taxation amounts to 98.5 million kuna. The income tax calculated is 16.7 million kuna, resulting in a profit after tax of 81.8 million kuna, of which minority interests account for 20.6 million kuna. The net profit of the Group amounts to 61.2 million kuna, slightly above the planned amount for the first nine months of this year, as stated in the company’s announcement. Out of a total of 20 companies that make up the Končar Group, 18 companies reported a positive financial result while two companies operated at a loss.

Consolidated revenues from the sale of products and services amounted to 2.05 billion kuna. In the domestic market, sales revenue amounted to 1.09 billion kuna, while exports reached 957.5 million kuna. The share of exports in total sales revenue is 47 percent. In the structure of sales revenue in the domestic market, sales to HEP amounted to 336.4 million kuna (30.9 percent of total domestic sales), while Zagrebački električni tramvaj contributed to the revenues from the sale of products and services with 25.8 percent, amounting to 281.5 million kuna.

The revenues from sales to companies in the industry and shipbuilding sector amount to 177.2 million kuna, while trading houses received products and services worth 146.4 million kuna, companies in the construction sector 48.6 million kuna, and the remaining amount of 99.4 million kuna pertains to HAC, HC, Croatian Railways, state and local administration, and public enterprises. The most significant exports were achieved in the European Union markets, amounting to 509.5 million kuna or 53 percent of total exports. Exports to neighboring countries (BiH, Macedonia, Serbia, Albania, Montenegro) amounted to 239.9 million kuna (25 percent), to Middle Eastern countries 46.6 million kuna (5 percent), while 161.5 million kuna was exported to other countries.

During the mentioned period, the business area of Energy and Transport contributed 82 percent to total revenues, Trade 10 percent, Industry 5 percent, and Special Activities 3 percent. Compared to the same period last year, the share of the Energy and Transport business area increased by 0.9 percentage points, while the share of the Industry business area decreased by 0.3 percentage points and the share of the Trade business area decreased by 0.6 percentage points. In the period from January to September 2008, a total of 2,137.7 million kuna of new contracts were signed, of which 1,158.6 million kuna in the domestic market (54 percent) and 979.1 million kuna for realization in exports (46 percent). The state of contracted jobs (open obligations) at the end of September 2008 amounts to 3,582.1 million kuna, as stated in the announcement. (H)