Petrokemija’s Losses Increase by 95 Million Kuna

By 1 May 2018

ZAGREB, May 1, 2018 - The Petrokemija artificial fertiliser manufacturer said on Monday it was completing its ownership transformation and giving investors a clean start, for which purpose the year 2017 was used to eliminate all risks underlined by auditors.

Consequently, the management and supervisory boards corrected the previously published, unaudited results for last year, increasing losses by 95.8 million kuna to 242.6 million.

Alongside the audited financial statement for 2017, the Kutina-based company published its financial statements for the first quarter of this year, which shows a loss of 78.8 million kuna, compared with a profit of 11.1 million kuna in Q1 2017.

Revenues in Q1 2018 totalled 466.3 million kuna while expenditures were cut by 10% to 545 million kuna. These figures reflect a revenue fall due to a 22.9% drop in sales and a markedly slower expenditure decrease, the company said.

It added that in Q1 2018 the owners, the majority being the government, carried out comprehensive preparations for the company's privatisation and a new development cycle.