Podravka Group, the Croatian food-to-pharma company, is increasing its focus on international expansion to offset soft consumption at home.
Podravka management board president Zvonimir Mršic said: “Considering the complex situation on domestic market and the deflations, poor purchasing power and consumption, we have decided to focus more on foreign markets.”
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According to the group, this strategy resulted in a 3.6% increase in profits in international markets during the first nine months of the year.
Excluding restructuring programs and exchange differences, group profits were up 1.1%. EBIT totalled HRK147.1m (US$24m) and realised net profit for the first nine months was HRK81.9m.
