Croatias Ingra 2011 net loss widens to EUR 12mn.

By bne IntelliNews February 16, 2012
Croatian construction company Ingra said its net loss widened to HRK 90.9bn (EUR 12mn) in 2011 from HRK 55.7bn a year earlier. Ingras total consolidated revenue declined by 16.4% on the year to HRK 255.7mn in 2011, while the total expenses went down by an annual 12.9% to HRK 345.3mn, the company said in a filing with the Zagreb burse. At end-January Ingra completed talks with its Algerian partner Cosider T.P. on a HRK 21mn contract for the construction of the Tagharist dam in Algeria. Ingra plans to implement hydro energy projects and engage in construction of low buildings, ports and marinas in the northern African country. Also in January Ingra said it reached an agreement with the holders of its commercial papers on refinancing two issues of overdue debt via issuing a new paper issue. The newly issued papers will mature on October 31, 2012. Ingra said that it will pay the corresponding interest to the holders.

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