Slovenia's Cimos to post 2 mln euro loss in 2019 - report

Cimos's performance worsened in the second half of the year due to a drop in orders, and as a result its sales will be 10% lower than planned in 2019, news daily Primorske Novice reported earlier this week, quoting company information.

"We should become more efficient and flexible, cut the number of employees, which is too high considering the drop in sales, and establish an organisation that is well-built and ensures profitable implementation of all new recently signed contracts and enables new ones," the daily reported quoted the head of Cimos, Gino Berti, as saying.

According to earlier media reports, Cimos turned to 6.3 million euro profit in 2018 from 34 million euro loss in 2017.

Berti said in June that Cimos plans 175 million euro in revenue in 2019.

According to earlier reports, Italian investment firm Palladio Holding Group is considering the sale of Cimos, which its unit TCH Cogeme acquired in May 2017 from Slovenia's 'bad bank', DUTB.

Back in May 2017, TCH Cogeme paid 100,000 euro for the then troubled car maker and put in a further 18.3 million euro in fresh funds in the company's recapitalisation.

Koper-based Cimos manufactures mainly turbo compressor and turbine housings, power train components, chassis and car-body parts. Cimos has a production footprint in four countries across Southeast Europe.

($= 0.8991 euro)