Overview of Croatian Ports FY 2018 Results

Both Croatian ports published their FY 2018 results yesterday, showing flattish throughput and mixed top and bottom line performances.

Both Croatian ports posted their FY 2018 financial results yesterday, showing a worsened top line performance while the throughput of both remained flattish (-1% YoY). Luka Ploce posted a throughput of 3.15m tones which brought in an operating revenue of HRK 213m (-11.6% YoY). Lower revenues negatively affected the company’s EBITDA which decreased 35% YoY, amounting to HRK 9.3m. However, despite the negative performance on the first two lines, the company still managed to double their bottom line which amounted to HRK 2.8m. This was due to the significant improvement of the company’s FX result which turned from HRK -8m to HRK 1.5m.

Meanwhile Luka Rijeka’s throughput amounted to 2.5m tones with bulk cargo accounting for 68% of the total throughput. One should highlight the strong improvement recorded in Q4 2018 when the port managed to increase their throughput by 28% YoY. However, despite the improvement, operating revenue fell 6% YoY to HRK 157.2m. Meanwhile EBTIDA soared 584% YoY to HRK 1m as OPEX decreased 6% YoY. Below the operating line, the company’s FX loss was sliced in half, ending the period at HRK 1.2m. As a result, Luka Rijeka’s bottom line turned positive (from HRK -1.3m in 2017), ending the period at HRK 2.2m.

Luka Rijeka Key Finanicals (In HRK m)              Luka Ploce Key Finanicals (In HRK m)                     
Source: Luka Rijeka, InterCapital Research

Source: Luka Ploce, InterCapital Research

Category : Flash News

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