The agricultural combine Vupik recorded a loss of 93.48 million kuna in the first nine months of this year, which is a significant increase compared to the same period last year when the loss amounted to 31.79 million kuna, according to the unaudited financial report published by the company on the Zagreb Stock Exchange.
Total revenues of Vupik in the first nine months of this year amounted to 91.23 million kuna, an increase of 39.3 percent. Of this, operating revenues amounted to 84.87 million kuna, which is a decrease of 36 percent compared to the same period last year. The decline in revenues is attributed to falling prices of oilseeds and grains, milk, and other products in the global and domestic markets, the company notes. Total expenses of Vupik in the first nine months of this year amounted to 184.7 million kuna, an increase of 1.3 percent. Operating expenses of Vupik amounted to 158.97 million kuna, which is an increase of 9.16 percent compared to the same period last year.
Operating expenses include the costs of sowing rapeseed (609 ha) and wheat (1,600 ha), which were carried out with the company’s own resources without additional borrowing. Financial expenses amounted to 24.67 million kuna, an increase of 52.2 percent compared to the same period last year. In response to the current situation, the management emphasizes that they have taken a series of measures in their operations. All corn and soybeans from the 2009 harvest have been stored for livestock feed and will be realized through the sale of milk and meat in the future. The autumn sowing was carried out without additional borrowing, and it is expected that by the summer of 2010, revenues from the sale of rapeseed and wheat will increase. Improved nutrition of dairy cows has increased milk production, and with the completion of sugar beet harvesting, higher revenues are expected by the end of the year, which will mitigate the current negative result, the company states. Vupik reminds that the government accepted the offer from the Agrokor group in mid-November to purchase a majority stake in Vupik (87.98 percent of shares). (H)
