April 28 (SeeNews) - Croatian textile company Varteks [ZSE:VART] said on Tuesday its consolidated net loss widened to 8.7 million kuna ($1.25 million/1.15 million euro) in 2019, from 6.5 million kuna a year earlier.
The company's consolidated operating revenue rose 8.8% to 173.8 million kuna in 2019, while operating expenses dropped 1.1% to 175.6 million kuna, Varteks said in its audited financial report filed with the Zagreb Stock Exchange (ZSE).
As a result, its operating loss shrank to 1.8 million kuna from 17.5 million kuna in 2018.
However, the company turned to a net financial loss of 7.6 million kuna in 2019, from a net financial profit of 10.6 million kuna a year earlier, which affected its bottom line.
Varteks, Croatia’s leading garment manufacturing and sales company, was founded in 1918. Its own brands include Phillipe Vartin, Luis Fabre, Edora, Focus, Varteks International, and Di Caprio.
Its shares traded up 7.2% at 13.40 kuna by 0912 CET on Tuesday on the ZSE.
(1 euro = 7.55203 kuna)