Podravka Performs Well Internationally in Q1

Croatia-based food and drink giant Podravka has reported Q109 sales of HRK798.1mn (US$144.2mn) - a 2% year-on-year (y-o-y) increase. This turnover growth is evidence that sales are unlikely to pick up as buoyantly as they did in FY08 (see: Podravka Doubles Net Income) as consumers reign in spending, particularly in Croatia. Although our forecast that the country's GDP will slide by 1.5% in 2009 is relatively dogged by regional standards (some countries are expected to undergo head spinning double digit contractions), because Podravka is firmly established in Croatia and sales across its foreign markets are picking up from a much

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