Podravka Profits Up

Leading Croatian food group Podravka has announced that its nine-month net profits have shot up by 52% to HRK51.2mn (US$8.79mn) year-on-year (y-o-y) on the back of rising sales, while operating profit rose 26% y-o-y to HRK116.9mn (US$21.3mn). Driving the growth was international sales, particularly in the south-eastern Europe region, Poland and the Czech Republic, rising as much as 17%, while the domestic market experienced a slight decline of 1%. The company did not say what exactly had boosted profitability, although it has said earlier that major restructuring efforts were soon expected to pay off.

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