August 28 (SeeNews) - Bulgarian diversified holding Severcoop Gamza said on Thursday it turned to a consolidated net loss of 140,000 levs ($105,800/ 71,600 euro) in the first half of 2008 from a consolidated net profit of 3.223 million levs for the same period a year earlier, as sales fell.
The company's sales revenue for the first six months decreased by 60% to 3.162 million levs due to financial and manufacturing problems in the holding’s Record shoe factory, Severcoop Gamza said in a filing to the Bulgarian Stock Exchange’s (BSE) information service X3 News.
Record's total revenue for the first half of the year fell by 65.5% to 748,000 levs due to lack of orders and costs rising faster than shoe prices. Severcoop Gamza has slated Record for sale.
Following are details on Severcoop Gamza’s financial statement (in millions of levs):
|
H1'08 |
H1'07 |
2007 |
NET PROFIT/LOSS |
-0.140 |
3.223 |
2.898 |
PRE-TAX PROFIT/LOSS |
-0.167 |
3.459 |
3.885 |
SALES REVENUE |
3.162 |
7.978 |
15.672 |
TOTAL REVENUE |
3.373 |
8.002 |
15.595 |
TOTAL COSTS |
3.540 |
4.543 |
11.710 |
Severcoop Gamza 2007 consolidated net profit surged over 60 times to 2.898 million levs.
The company is a former privatisation fund set up under Bulgaria's voucher privatisation programme in the 1990s. Its portfolio includes stakes in companies operating in various sectors of economy, including machine building, furniture, wine and brandy production and fish farming.
Company stocks, part of the broader BG 40 index of the BSE, closed 6.66% lower at 2.1 levs on Thursday, in a low volume. The income statement was posted after the end of bourse trading.
(1 euro = 1.9553 Bulgarian levs)