Croatias Industrogradnja turns to Q1 net loss of EUR 0.1mn.

By bne IntelliNews May 8, 2012
Croatian construction firm Industrogradnja turned to a first-quarter net loss of HRK 0.4mn (EUR 0.1mn) after reporting a HRK 5,460 net profit a year earlier, the company said in a filing with the Zagreb burse. Its total revenues amounted to HRK 5.8mn, down by 58.2% on the year. The total expenses shrank by an annual 55.2% to HRK 6.2mn. Sales revenues became the main contributor for the worsened financial result after dropping by 74% on the year to HRK 2.9mn in Q1. In February, the government decided to settle the HRK 108mn debt of Industrogradnja to the state via taking over one of its buildings. The state would acquire a 15-storey building in downtown Zagreb to settle Industrogradnja's debt to the tax department. Some HRK 30mn of the debt is interest payments since the company has not paid its liabilities on time.

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