Croatian confectioner Kras saw its net profit halve during 2010 to HRK19.7m (US181,867) against HRK39.8 in the year earlier.

The company announced today it recorded HRK10.3bn in consolidated sales, a 3.6% drop on the previous year.

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Kras said that it realised HRK417m in foreign sales as it increased exports to Saudi Arabia, Britain, Germany and Montenegro.

It added that consolidated operating expenses fell 1.5%, despite the increase in the price of raw materials including cocoa, sugar, flour and milk.

The company said it is focused on maintaining liquidity and financial stability, as well as the “ongoing restructuring and expansion of export markets”.

Kras announced last week that it has acquired local brand Karolina for EUR7.3m.

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