The Slovenia Times

Gorenje net profit for 2016 upgraded to EUR 8.43m

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Gorenje made a major leap forward in operations in 2016, as the group had suffered a net loss of EUR 7.99m the year before.

Last year, earnings before interest, taxes, depreciation and amortisation (EBITDA) topped EUR 87.2m, up 8.9% year-on-year, and operating profit EBIT was up 16.7% to EUR 40.2m, reads a press release published on the website of the Ljubljana Stock Exchange on Friday.

The group generated 86.8% of revenues in its core households business, where it increased the sales of premium appliances (27.3% share in revenues), as well as the sales of innovative appliances. Gorenje invested EUR 32.2m in product development.

The group recorded growth in all regions, the most in Eastern Europe, Russia, Ukraine and Benelux. Moderate growth was also recorded in Australia, North America, the Caucasus and Asia.

Gorenje alone made EUR 3.7m in net profit, which compares to EUR 4m in net loss the year before. It generated EUR 710m in revenues, up from EUR 683m in 2015.

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