Koncar D&ST published their H1 2019 results yesterday, showing a 24% YoY increase in sales, 15% increase in EBITDA and a 20% YoY increase in net profit which amounted to HRK 18.6m.

Koncar D&ST published their H1 2019 results yesterday, showing a 24% YoY increase in sales, 15% increase in EBITDA and a 20% YoY increase in net profit which amounted to HRK 18.6m.

Koncar D&ST published their H1 2019 results yesterday, showing a 15% YoY increase in sales which amounted to HRK 557.6m. Meanwhile EBITDA rose 15% YoY to HRK 34.5m, as a result of the improved top line performance. However, it is worth noting that the EBITDA margin is slightly down to 6.2% (-0.5 p.p.). Below the operating line the company recorded a net financial result of HRK -0.12m which marked an 83% YoY decrease. However, since the net financial result is rather small it did not affect the overall result in a significant manner. Finally, as a result of the above-mentioned, net profit went up 20% YoY to 18.6m.

Turning our attention to the balance sheet, the company continues to operate virtually without any debt – holding a net cash position of HRK 36m.

Valamar Riviera released a statement yesterday in which they announced the conclusion of the bankruptcy proceedings of Helios Faros.

Valamar Riviera released a statement yesterday in which they announced the conclusion of the bankruptcy procedure of Helios Faros. As result Valamar acquires full membership rights as a holder of 2,280,000 shares (representing a stake of 23.61% shares) in the company Helios Faros. Meanwhile PBZ CO acquired a 70.83% share in the company.

As a reminder, PBZ CO and Valamar Riviera proposed in their offer a restructuring plan as well as a six-year investment plan worth HRK 650m for investments in hospitality assets. The total renovation and construction of two premium resorts containing around 700 accommodation units would reposition the Helios Faros portfolio as premium accommodation, Valamar Riviera stated in the official filing. Helios’ portfolio currently consists of 2 hotels, 2 apartment complexes, a bungalow complex and a camp (all located in Stari Grad in Hvar).