petrokemija.jpg
Photograph: HINA/ Tomislav PAVLEK/ ds

Petrokemija, a major Croatian producer of artificial fertilisers, stated on Tuesday that it had carried out a thorough overhaul and streamlining of its manufacturing plants.

The entire project, worth 110 million kuna, included the construction of a new HRK 45-million gas pipeline to provide natural gas to the plants of this Kutina-headquartered company.

The project has been co-financed by the Croatian Bank for Reconstruction and Development (HBOR), according to a press release issued on Tuesday.

In late July, the Petrokemija Group stated that it made HRK 921,000 in profits in the first half of 2016, the first time it earned a profit in the first six months of a year since 2011, when it had posted a loss of HRK 11.6 million.

In H1 2016, the group's revenues totalled HRK 1.06 billion, down 19.1 percent from the first half of 2015, while expenditures totalled HRK 1.059 billion, down 20%.

Earnings before interest, taxes, depreciation, and amortisation amounted to HRK 58.4 million.

The group manufactured 550,000 tonnes of mineral fertiliser, down 5%. Domestic sales accounted for 28.8% of the revenues (HRK 304.5m), down 38.4% from the first six months of 2015, while exports generated 67.7% of the revenues (HRK 715.9m), down 7.9%.

The group has 1,742 employees on its payroll.

Investments amounted to HRK 74.6 million, HRK 39.1 million more than in the first half of 2015.

(EUR 1= HRK 7.5)

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