In the first three months of this year the food and distribution company Atlantic Grupa earned a net profit of HRK 45.2 million, 1.6% more than in the same period last year, shows an unaudited consolidated financial report released on Thursday.
EBITDA (Earnings before interest, taxes, depreciation and amortization) was HRK 103.9 million, a drop of 5.1% from the same period of last year. The decrease was mostly due to investments in the internationalisation of business and the related increase in outlays for workers and distribution services in new companies in Germany and Austria, as well as higher marketing costs.
EBIT (Earnings before interest and taxes) amounted to HRK 69.8 million, down 5.1%. The group said that despite the drop in operating profits and owing to a significant drop in interest costs and a more favourable effect of exchange rate differences, the net profit grew 1.6% to HRK 45.2 million.
The group's total revenues in Q1 were down 0.5% to HRK 1.16 billion, while total expenditure remained at HRK 1.06 billion, the same as in Q1 2015.
Sales revenues dropped 0.2% to HRK 1.15 billion.
The group said this year's investments were planned in the amount of HRK 150 million.