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Impairments Turn Sava's Profit to EUR 22.4M Net Loss in Q1

Kranj, 30 May (STA) - The chemicals-through-tourism conglomerate Sava has reported a pre-tax loss of EUR 24.2m and a net loss of EUR 22.4m for the first three months of 2011 due to impairments of the group's financial investments. Without EUR 26.6m in impairments, Sava would finish the first quarter with a pre-tax profit of EUR 2.4m.

The core company generated a EUR 30.4m net loss due to EUR 35.9m in impairments, 78% of which concern investments in financial firms NFD Holding and Maksima Invest, Sava wrote in a press release on Monday.

The group increased its total revenues by 21% year-on-year in Q1 to EUR 44.7m, while sales revenues were 15% higher year-on-year, amounting to EUR 42.6m, which is 1% more than planned.

The conglomerate's rubber production companies were the most successful, increasing their sales by 18% year-on-year and accounting for 64% of the group's sales revenues.

The tourism companies meanwhile increased sales by 6% compared to the same period last year to account for 28% of the group's sales revenues.

Debt to banks decreased in the first quarter by 2% at the level of the core company and by 4% at group level.

In the fist three months of 2011, Sava share ranged from EUR 95 and EUR 59 on the Ljubljana Stock Exchange. At the end of March, the share stood at EUR 60.2, which is 37% down from the end of 2010.

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