At today's session (13th May 2010), the company's Supervisory Board addressed and endorsed the Non-Audited Interim Report of Luka Koper Group, January – March 2010. During this period, revenues amounted to 30.5 million euros, which is six percent down on the same period in 2009.
The parent company, Luka Koper d.d., contributes ninety-four percent of total Group operating revenues. Although cargo throughput volumes were overall two percent ahead of last year, Luka Koper d.d. recorded a year-on fall of two percent in its revenues. This can, in particular, be attributed to a more rapid turnover of cargo at the port, and the resultant down-turn in revenues from storage charges and due to the fact that the company Adria-Tow, d.o.o. was excluded from the consolidation of the Group.
The Group's operating expenses from January to March 2010 amounted to 27.1 million euros, which is up two percent, and the main reason behind this is higher amortization (up twenty-three percent) which is itself attributable to the recent round of intense investment in the expansion and modernisation of terminal facilities. Labour costs, which account for one-third of total operating expenses, recorded a five percent downturn on the same period of 2009. Financing gain amounted 180 thousands Euros, while the net profit for the period stood at 3.4 million euros.
The Group's financial liabilities today account for ninety-four percent of equity, all financial liabilities are settled on a regular basis in accordance with the repayment plans.
Reducing debt, with the restructuring of short-term financial liabilities into long-term ones, remains a priority in the financial management of the Luka Koper Group.
The full 1Q 2010 report is available on www.luka-kp.si/eng/investors/annual-reports