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Serbian Delta Holding Sees 24% Profit Growth This Year on Costs

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Feb. 20 (Bloomberg) -- Delta Holding DOO, owned by Serbia’s richest man Miroslav Miskovic, expects to boost profit 24 percent this year as the company with interest in insurance, agriculture and property development is seeking to cut costs.

“The existing business structure” and “cost optimization” will enable the company to grow this year, acting Chairman Dejan Jeremic told reporters in Belgrade today. Revenue this year will probably increase 11 percent, he said.

Sales fell 37 percent to 630.5 million euros ($841 million) in 2012 from a year earlier while earnings before interest, taxes, depreciation and amortization rose to 49.4 million euros from 39.4 million euros in 2011, Jeremic said.

Delta’s 2011 figures included income from the sale of retail chain Delta Maxi to Delhaize Group SA for 932.5 million euros.

The company, which runs the Delta City shopping mall in Belgrade, is Serbia’s biggest private employer with about 7,000 people.

To contact the reporter on this story: Gordana Filipovic in Belgrade at gfilipovic@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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