The IGH Institute and its subsidiaries recorded a consolidated loss of 7.1 million kuna in the first quarter of this year, an increase in loss compared to the same period last year when it amounted to 3.3 million kuna, according to the quarterly report of IGH published on the Zagreb Stock Exchange.
A loss of 92 thousand kuna was attributed to minority interests, while the loss for the parent company shareholders amounted to 7.06 million kuna. The parent company, IGH d.d., recorded a loss of 329 thousand kuna, as stated in the report.
IGH and its subsidiaries generated total revenues of 65.8 million kuna in the first three months, while in the same period last year, they amounted to 89 million kuna, and total expenses decreased from last year’s 90.9 million kuna to 72.9 million kuna.
Revenue from the sale of services and products amounted to 61.5 million kuna, of which 9.1 million kuna was generated in the foreign market, according to the report. Sales revenue decreased by 24 percent.
Consolidated operating revenues amount to 63.3 million kuna, which is a 26 percent decrease compared to the first quarter of last year.
Operating costs of 59.3 million kuna are 25 percent lower compared to the same period last year, which is particularly evident in the reduction of personnel costs by 24 percent and material costs by 25 percent, the Management emphasizes in the commentary.
The report also states that the company is in the process of discussions regarding the restructuring of financial obligations, without which it is not possible to ensure long-term liquidity and stable operational business.
IGH has 505.3 million kuna in contracted and confirmed jobs. This amount does not include laboratory testing and certification services, the IGH Institute states, noting that these services accounted for 24 percent of total revenues in the first quarter.
