Business News

Elan Group Posted EUR 1M Loss in 2011

Begunje na Gorenjskem, 29 February (STA) - Sport equipment group Elan generated EUR 90m in revenues last year and posted a EUR 1m loss. The core company meanwhile generated EUR 60.7m in sales revenues and posted a profit which exceeded the plans, Elan said in a press release on Wednesday.

The core company saw its sales increase by 14% compared to 2010, mostly owing to the good sales of skis and a new programme for wind turbines.

While the exact amount of the 2011 profit was not revealed, the supervisory board of Elan said at the end of December that the company was to end the year with EUR 500,000 in operating profit, a U-turn from last year's operating loss of EUR 800,000.

According to preliminary data, the Elan group generated EUR 90m in revenues, which is above plans, but posted a EUR 1m loss, mostly due to the unexpectedly low sales in the snowboard division.

The results were discussed on Tuesday by Elan supervisors, who were also acquainted with the January results, which are in line with plans.

New projects for this year meanwhile include a new vessel Elan I494, which will be launched ahead of the summer season and will be the largest vessel produced by Elan in its premium segment.

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