Gorenje Group's Profit Up in First 6 Months of 2003 Sep 2, 2003

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The management of Slovenian appliance maker the Gorenje Group considers the semi-annual results of the core company and the entire group "solid." Moreover, it expects major goals of the yearly plan to be realized in 2003, the Velenje-based company said recently.

The company said that any problems it is experiencing in doing business stem from the exchange rate of the euro and the dollar, plus the slow economic growth in EU markers.

Nevertheless, its total assets amounted to SIT 154.3 billion (EUR 657 million) at the end of June, up 10 percent from the end of 2002.

Long-term investments of the group totalled SIT 11.6 billion (EUR 49 million). The company's half-yearly net sales revenues were SIT 60.2 billion (EUR 256 million), which is 46.1 percent of the company's annual plan and an increase of 1.5 percent from the same period last year. Gorenje's net profit was up 2.4 percent to SIT 2.1 billion (EUR 9 million), with its total assets at SIT 108.5 billion (EUR 462 million) at the end of June, a rise of more than 5 percent from last year's total assets. (Slovenia Business Week)

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