The IGH Institute achieved a post-tax profit of 13.8 million kuna in the first quarter of this year, which is 16 million kuna or 53.8 percent less than the profit from the same period last year, according to data from IGH’s business report published on the Zagreb Stock Exchange.
Total revenues of the IGH Institute in the first quarter of this year decreased year-on-year by more than 70 million kuna or 36.1 percent, amounting to 124.2 million kuna. At the same time, total expenses amounted to 108.4 million kuna, which is 32.3 percent less than in the first three months of last year, when they reached 160.3 million kuna. Given the crisis that escalated in 2010, particularly in construction, the business results in the first three months of this year are positive and in line with the planned for this year, say IGH. They note that business activity has decreased, resulting in reduced revenues, but this has been compensated by savings achieved through restructuring in all segments of the business. IGH states that they entered the business year of 2010 with caution, expecting a decline in activity, and the Institute focused on foreign markets, which resulted in new contracts in neighboring countries, including 4.5 million euros of contracted work in Kosovo. (H)
