Business News

Intereuropa with EUR 39.2M Loss in 2010

Koper, 20 April (STA) - Logistics group Intereuropa reported a EUR 39.2m loss for 2010 on Wednesday. The negative result came as the group generated EUR 190.6m in sales revenues, matching the performance of 2009, and despite what company representatives labelled progress in all key areas.

According to a press release by the Koper-based company, 2010 was marked by adjustments following a slump in 2009, by financial consolidation and divestment aimed to secure stability. The policy resulted in a EUR 18.3m reduction in outstanding liabilities.

Operating loss in 2010 stood at EUR 27.2m, which the management attributes mainly to revaluation and the related property impairment. If it were not for these circumstances, Intereuropa would have seen an operating profit of EUR 7.5m, the company wrote.

Land transport was the group's most successful segment in 2010, recording an 11% rise in sales revenues compared to 2009. In intercontinental transport and logistics solutions, results failed to reach the performance from 2009.

The 2010 results report comes after it was confirmed on 1 April that no bidders had responded to two separate calls for expression of interest involving 24.8% and 50.98% of Intereuropa stock respectively.

Port operator Luka Koper was selling its 24.8% stake, while the state-owned KAD fund was selling 50.98% on behalf of six major shareholders including Luka Koper.

Intereuropa has been one of the worst performing stocks in the recent years, dropping from a high of EUR 40 per share in early 2008 to EUR 2.40 on Tuesday.

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