May 3 (SeeNews) - Serbian state-owned textile firm Yumco said on Friday its net loss widened to 341 million dinars ($3.2 million/2.9 million euro) in 2018 from 162 million dinars a year earlier even though revenue more than doubled.
Yumco's operating revenue rose to 1.9 billion dinars last year from 879 million dinars in 2017 but its operating expenditure also increased, to 2.5 billion dinars from 1.4 billion dinars, the company said in its 2018 financial report filed with the Belgrade Stock Exchange.
Thus, the company's accumulated loss widened to 13.3 billion dinars at the end of 2018, which is 6.8 billion dinars above its total capital. At the same time its short-term liabilities climbed to 5.9 billion dinars last year from 5.5 billion dinars at the end of 2017.
Yumco's independent auditor concluded in the same report that the company had faced difficulties in servicing its debts and maintaining its liquidity, which might continue in the future. It recalled that a Serbian commercial court adopted in January 2019 Yumco's preliminary restructuring plan which clears the way for a debt-to-equity swap.
Despite the difficulties, Yumco opened two new factories in Serbia last year - one for personal protective equipment in the eastern town of Resavica and another one making uniforms for the Serbian army and police in the southern town of Bujanovac.
(1 euro = 118 Serbian dinars)