The negative result was mostly due to further impairments of financial investments, a shortfall of financial revenues from dividends and decreasing deferred tax receivables, the company said in a bourse filing.
Consolidated revenues edged up 1.0% to 149.4 million euro through September.
Over the review period, the core business of the Sava Group spanned rubber products, tourism and real estate.
Year-end results will be affected by impairing the financial investment of parent company Sava d.d. in Abanka Vipa to be carried out on the basis of an evaluation, the statement said.
In late October, Sava said it has signed a deal to sell its rubber unit Savatech to Czech group CGS as part of a restructuring drive.
The sale transaction, which subject to fulfillment of suspensive conditions is expected to be completed by the end of this year, will substantially improve the operating result of Sava d.d. and, combined with the effects of other disinvestments, will help cut debts owed to banks by about 100 million euro, the statement said.
This will provide an extra platform for making an arrangement with the banks as to the reprogramming of financial liabilities and enabling further implementation of Sava’s restructuring strategy.
Thanks to intense marketing activities, Sava's rubber manufacturing division generated sales revenues of 93.4 million euro in the first nine months of 2012, which was 3.0% better than in the same period last year and 1.0% less than planned.
The sales revenues of the tourism division amounted to 50.2 million euro through September, slightly lagging behind last year's result.
On the real estate segment, the sales result was low as expected considering a further decline in purchasing power and a stricter policy for financing real estate projects, Sava said.
Sava also said a sale process for its energy management companies is in progress and is expected to be finalised before the end of this year.
Investments at group level totalled 5.0 million euro in the first nine months of 2012.
