July 29 (SeeNews) - Croatian textile company Varteks [ZSE:VART] said its consolidated net loss narrowed to 1.5 million kuna ($225,926/203,134 euro) in the first half of 2019, about a quarter of the 5.8 million kuna it lost a year earlier.
The total revenue of the company edged up 1% on the year to 84.5 million kuna in January-June, Varteks said in a filing with the Zagreb Stock Exchange (ZSE) on Friday.
Total expenditures dropped to 86 million kuna, compared to 89.5 million kuna in the corresponding period of the previous year.
The company swung to positive first-half earnings before interest, tax, depreciation and amortisation (EBITDA) of 3.8 million kuna, from a pre-tax loss of 1.4 million kuna in the like period.
Earlier this month, Varteks said it planned to issue up to 1,026,671 new shares equal to equals 25% of the existing 4,106,686 stocks of 10 kuna in par value each.
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.
(1 euro = 7.38428 kuna)