KONCAR

At today’s meeting, the Supervisory Board of KONČAR – Electrical Industry Inc. acknowledged the receipt of the financial statements of KONČAR – Electrical Industry Inc. for the period from January to September 2019, and the consolidated financial statements for the KONČAR Group.

From January to September 2019, companies in the KONČAR Group generated a consolidated revenue from the sales of goods and services in the amount of HRK 1,868.6 million, which is a 7.2% increase compared to the same period last year.

The operating revenue amounted to HRK 1,935.4 million, with revenue from the sales of goods and services accounting for 97% of that amount. The operating expenses amounted to HRK 1,916.8 million. For the three quarters of 2019, the Group’s consolidated profit before tax amounted to HRK 34.4 million, which represents a reduction in comparison to the same period of 2018.

This is mostly due to the fact that the execution of some important contracts has been delayed or blocked, including the construction of a hydro power plant in Bosnia and Herzegovina and the delivery of equipment to an Iranian customer, which has been delayed due to a new round of sanctions imposed on Iran.

The sales of goods and services to foreign markets generated a revenue in the amount of HRK 1,147.5 million, which, in spite of the blocked contracts for Iran and Bosnia and Herzegovina, represents a 7.1 percent increase compared to the same period last year.

Exports made up 62% of the total revenue from the sales of goods and services, with the most important foreign markets being Germany, Sweden, Austria, UAE and Hungary.

More information on the business results of the KONČAR Group is available in the Group’s statement.