Published on August 26th, 2016 | by The GC Team0
Gorenje returns to profit in first half of 2016
Slovenian appliance manufacturer Gorenje posted a net profit of €2.1 million for the first half of 2016 following a loss of €6.9 million in the same period last year.
Revenue rose from €557.8 million to €581.3 million.
The company said that sales in Eastern Europe grew by 10.6%, while in Western Europe 5.1% growth was achieved. Sales in the markets outside of Europe declined by 1.6%.
In July this year, Gorenje announced that it would allow Panasonic Corporation, which holds a 10.74% stake in the company, to perform due diligence, stating that it may lead to Panasonic’s decision to launch a bid to increase its shareholding.
Among the conditions for the execution of the due diligence, the company said that both parties also agreed on the strategic guidelines for the future role of Gorenje within the Panasonic Group, should Panasonic obtain effective control of the business.