CROATIA: Podravka posts record-high 2015 net profit | Progresiv
Croatian food group Podravka posts 2015 record-high net profit of 398 million kuna (58.36 million dollars), up from 92.5 million kuna (13.5 million dollars) in 2014. The key factors were acquisition of Slovenia's Zito company and tax benefits due to construction of new facilities. 
Podravka said its sales were up 7.8 percent at 3.78 billion kuna (448.5 million dollars). Sales rose in all its markets except Russia, Commonwealth of Independent States countries and the Baltics, where they fell 18 pct year/year. The strongest growth, of 11.4 percent, was recorded in Adria region (southeastern Europe).
Sales revenues for Podravka's pharmaceutical branch Belupo fell 4.1 percent to 805.7 million kuna (117.4 million dollars) due to lower prescription drugs prices in Croatia and depreciation of Russian ruble. (www.reuters.com)
