No Recession For Salami Kings – Gavrilovic Profits Up 7.1M

Whilst most businesses in Croatia are feeling the pinch with the deep economic crisis sweeping Europe, there is one company growing from strength to strength – meat company Gavrilovic, who have reported profit increases of close to 1 million euros in the first quarter of the year.

During 2012 Gavrilovic began a restructuring process which began to produce positive results, now the company has released results from the first quarter of 2013 and the positive trend has continued for the company famous for its salamis and pasteta (pates). In the first quarter of 2013 profits (before tax) were up 7.1 million kuna (950,000 euros) compared with the previous year.

“With regards to the trend of reducing spending in most markets which we trade in, the positive results are good,” said board member Georg Gavrilovic, adding that 2013 will be a challenging year with Croatia’s entry into the European Union, and its exit from the Central Europe Free Trade Agreement (CEFTA) between non EU countries in Southeast Europe where Gavrilovic done a lot of business. Gavrilovic also own all McDonald’s stores in Croatia, buying the restaurants in 2010 for an undisclosed sum.