November 16 (SeeNews) - Romanian consumer electronics and computers retailer Flamingo International turned to a net profit of 6.72 million lei ($2.8 million /1.9 million euro) in the first nine months of 2007, compared to a net loss of 6.6 million lei a year earlier, it said late on Thursday.
Flamingo International is a holding company that is part of Romanian information technology group Flamingo. Flamingo International's shares last traded down 1.06% at 0.375 lei on November 15 on the Bucharest Stock Exchange (BVB).
The Flamingo group has completed the consolidation of the company and is now fully focused on its core business and ready for the 2007 peak season, which will provide a solid base for profitable growth in the future, the company said in a statement.
The Flamingo group operates three brand store chains - household appliances chains Flanco, Flanco World and communications products stores Flamingo International. It took over local household appliances chain Flanco for 38 million euro ($55.6 million) in the first half of 2006.
Earlier this year, the company sold its Bulgarian, Serbian and Macedonian units and its distribution unit Future Shop. Flamingo has remained with a sole subsidiary abroad, in the Netherlands.
Following are figures from Flamingo International's income statement sent to the BVB after the end of trading session (in millions of lei):
|
|
9-mo'07 |
9-mo'06 |
| NET PROFIT |
6.72 |
-6.6 |
| PRE-TAX PROFIT |
6.72 |
-6.6 |
| TURNOVER |
271.22 |
129.04 |
| TOTAL REVENUE |
294.72 |
135.58 |
| TOTAL COSTS |
288.00 |
142.18 |
The group said earlier it expects to swing to 520,000 euro ($761.332) net profit in 2007, from a net loss of 22.8 million lei last year.
Famingo is owned by a number of minority shareholders. Romanian businessman Dragos Daniel Cinca is its largest single shareholder with a 30.14% stake.
(1 euro = 3.4761 Romanian lei)