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Supermarket chain Konzum's profits down 16 per cent
Croatian Times
Croatia's largest supermarket chain Konzum, posted a net profit of 345.22 million kuna in 2011, which represents a 16.3 per cent decline on the previous year, according to financial reports published by Zagreb Stock Exchange.
Total revenue grew to 13.35 billion kuna, compared with 12,71 billion kuna in 2010. Revenues from sales amounted to 12.17 billion kuna. Meanwhile, last year's expenditure has increased by 6 per cent to 12.91 million kuna. Retail trade made up 73 per cent of total sales as the ratio of wholesale and retail trade remained unchanged.
"Receivables from customers and currency risk, due to changes in foreign exchange rates, are a risk for the company. Credit limits of customers and their claims are checked regularly. Management believes that the planned business objectives were achieved, even though the fiscal year was extremely difficult, and full of challenges in the struggle with competitors," commented the report.
Konzum is a subsidary company of Agrokor, the largest privately owned company in Croatia.
Tag cloud checked planned Exchange limits Credit objectives customers chain Konzum sales Management Croatia kuna Retail currency rates business billion largest profits
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