Ingra achieved a 19.87 percent increase in pre-tax profit

Ingra achieved total revenues of 706.72 million kuna and a pre-tax profit of 69.22 million kuna in the first nine months of 2008, the company reported today to the Zagreb Stock Exchange.

Operating revenues increased by 267.47 million kuna to 686.24 million kuna, što represents an increase of 63.80 percent compared to the same period last year. Pre-tax profit amounts to 69.22 million kuna, što is an increase of 19.87 percent compared to the same period last year, while the current profit after tax amounts to 59.13 million kuna. The current performance of Ingra continues to be most influenced by high operational engagement in domestic investment projects where the company acts both as a contractor and as an investor, primarily in investment projects for residential-commercial construction intended for the market, public-private partnerships, road construction, and other infrastructure, energy projects, as well as consulting services.

Thus, in regular activities, the largest share relates to revenues from domestic sales amounting to 578.07 million kuna, što represents a growth of as much as 78.90 percent compared to the previous year. At the same time, this increase in performance positively reflected on operating profit, which amounts to 62.69 million kuna and is 108.27 percent higher compared to the same period last year. Consequently, the profitability margin from regular activities increased by 27.3 percent compared to the previous period. Meanwhile, growth in the foreign market amounts to 16.50 percent.

Currently, the largest public-private project ARENA Zagreb is progressing according to the planned dynamics and is entering the final phase of realization according to the scheduled deadlines. Among other projects during the mentioned period, the realization of highway construction projects in which Ingra participates as part of a consortium of Croatian builders, as well as the construction of a hydroelectric power plant in Lešće for the investor HEP proizvodnja d.o.o., stand out.

Ingra is also preparing the development of new ecological energy projects at several locations throughout Croatia, where it will act as a co-investor and leading partner. In the meantime, thanks to intensified activities in regional markets through two new offices in Moscow and Pristina, Ingra has secured two new contracts for construction work on road and bridge projects totaling 30 million euros. However, the greatest further breakthrough in foreign markets is expected in the Algerian market, where the company has successfully solidified its position as a reliable and quality partner, and is currently competing for the execution of several infrastructure projects with a total value of over 300 million euros, the statement said.