Podravka Foreign Markets Outperforming

Sales revenue for Croatia-based food, beverage and pharmaceutical giant Podravka's foreign markets outperformed in the first nine months of 2009, up 1% year-on-year (y-o-y) to HRK2.66bn (US$543mn). Domestic sales fell 3% to HRK1.4bn as economic weakness continued to affect consumers. Against the backdrop of a forecast 3.2% GDP contraction in 2009, we expect food consumption in Croatia to fall 1.6% y-o-y to HRK12.47bn, before steadily recovering in 2010.

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