The 3. Maj Group reported a loss of 68.9 million kuna in the first nine months, which is nearly 55 percent lower than the loss of almost 153 million kuna during the same period last year, according to data from the consolidated financial report of the Rijeka shipyard published on the Zagreb Stock Exchange.
3. Maj particularly emphasizes that the companies within the group achieved a profit from operating activities amounting to 46.7 million kuna in the nine months of this year. This is a significant improvement compared to the result of the same period last year when a loss of 67.3 million kuna was recorded, as noted in the Management’s remarks accompanying the financial report. The data shows that the operating revenues of 3. Maj in the nine months amounted to 934.8 million kuna, which is 4.4 percent lower than in the same period last year, while at the same time, operating expenses were reduced by 15.4 percent to 888.1 million kuna. However, the result from financial income (which amounts to slightly less than 49 million kuna) and financial expenses (164.6 million kuna) is negative at 115.6 million kuna, and this is “exclusively due to the burdening of the company’s operations (Shipyard) with interest on restructuring loans and deferrals.”
“The obligations of the Shipyard under the mentioned loans will be resolved upon the completion of the privatization model, which will also include the refund of funds for seized property and written-off real estate on maritime property by the Government of the Republic of Croatia,” the Management emphasizes in the notes. According to the report, the total revenues of the 3. Maj Group in the nine months of this year amounted to 983.7 million kuna, which is 5.3 percent lower than in the same period last year, while at the same time, expenses were reduced by 11.6 percent, amounting to slightly more than 1.05 billion kuna. The Management also notes in the report that the Shipyard completed the handover of three ships in the nine months of this year.
