Gorenje drop in profit

Slovenian home appliances manufacturer Gorenje net profit dropped to 400,000 euro ($462,600) in the first half of 2018, from 4.4 million euro in the like period a year earlier.

The below plan net profit was mostly due to harsh macroeconomic conditions, volatility of some currencies, and relatively high raw material prices, Gorenje said in a Ljubljana bourse filing.

Gorenje added it had also planned to sell its unit Gorenje Surovina by the end of June, but the process was not completed.

Gorenje Group generated 602.3 million euro of sales revenue through June, down 3.5% on the year, while EBITDA fell at the same rate to 39.2 million euro.

In the first half of 2018, China’s Hisense Group announced its takeover bid and completed the acquisition of ā€“ combined with previously acquired shares ā€“ a total of 95.42% of the company Gorenje.

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