Daily comment:
Vacation season resulting with low turnovers was best seen today as stock turnover amounted to only HRK 17,1 million followed by a 0,8% decrease of popular benchmark. Diversified retailer Magma (MGMA-R-A) dropped 4,4% after the company released Q2 consolidated results far below expectations. Even though the Co managed to increase sales by 20,9% yoy, operating expenses soared 44,5% resulting in EBIT loss of HRK 8,8 million (2007Q2: +HRK 24,7 million) and EBITDA decrease of 93,3%. Bottom line stands at HRK -11,4 million (2007Q2: +23,1 million). The biggest decline was recorded in Magma Fashion division as consumers had less purchasing power to buy premium fashion brands. After a successful ipo in 2007, the company started regional expansion but due to the worsened macroeconomic situation and decline in purchasing power, it announced that 2 outlets in Serbia (this market contributes 12% toward company’s sales) were closed while other 2 are waiting to be shut-down soon. At the beginning of Q2, the company diversified its retail business by starting to develop retail chain focused on Home Improvement sector and has opened 9 Magma Home stores since then. The company targets fast growing segments but will also redirect some of the risks associated with Premium Fashion brands into the new segments. Slight increase of BDI index combined with excellent Q2 results released at the end of last week did not helped Dubrovnik based shipping company Atlantska plovidba (ATPL-R-A) as it 0,1% on HRK 2,3 million in turnover. Other companies from shipping sector also did not do well today as Split based Jadroplov (JDPL-R-A) lost 3%, Pula based Uljanik plovidba (ULPL-R-A) 0,5%, while Zadar based Tankerska plovidba (TNPL-R-A) sunk 3,8% to end at HRK 3.300.
news flash:
- Export Boom Helps Farms, but Not American Factories
- Japanese Bank Buys Rest of UnionBanCal
- Storm worries push up oil price
- Eurozone’s trade deficit narrows
CROBEX index - Zagreb Stock exchange -0,8%
change in 2008. -30,8%
CROBEX index - Zagreb Stock exchange (chart)
Avg price change for CROBEX members (chart)
market multiples - shares (tables)
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FIMA FAS Ltd.
42000 Varazdin * Anina 2 * Croatia * Tel: +385-42-390900 * Fax: +385-42-390990 *
http://www.fima.com
e-mail: fima-fortis@fima.com
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stock report20080818.pdf, 106 Kb
