Vjesnik (printing house) recorded a loss of 20 million kuna in the first nine months of this year, significantly higher than the 7.8 million kuna loss in the same period last year, according to data from Vjesnik’s financial report published on the Zagreb Stock Exchange.
The loss occurred despite the implementation of business rationalization and cost-saving measures, during which material costs were reduced by 18 percent, salaries were decreased by 11 percent in agreement with the union, and certain material rights of employees were also reduced, the report states. In the first nine months of this year, Vjesnik generated total revenues of 105.6 million kuna, which is 23 percent less compared to the same period last year. Total expenses, amounting to 125.6 million kuna, were reduced by 13 percent.
In the structure of total revenues, 92 percent comes from the sale of printing services, which fell by 23 percent compared to 2009. In total expenses, operational expenses account for 96 percent, while financial expenses, which increased by 37 percent in the first nine months, make up 4 percent. During the summer, a privatization tender was announced for Vjesnik, to which no one responded. The Croatian Privatization Fund sold the state share in Vjesnik of 62.13 percent in the first round of privatization at a nominal price of 65.9 million kuna. After the failure of the first round, the HFP decided to announce a second tender with a set price of 33 million kuna, or 50 percent of the nominal value. (H)
