Business News

Istrabenz Posts EUR 1.9M Loss in First Half

Koper, 23 August (STA) - The troubled Istrabenz holding posted a EUR 1.9m loss in the first half of 2013, which compares to a EUR 560,000 loss in the same period last year. Sales revenues amounted to EUR 70m, down 6% year-on-year, according to unaudited data released by the company on Friday.

According to the report published on the website of the Ljubljana Stock Exchange, data for last year include EUR 5.07m in revenue generated with the sale of real estate and equipment by tourism division Istrabenz Turizem.

Earnings before interest and taxes (EBIT) in the first half of 2013 stood at EUR 1.27m, which compares to EUR 5.2m in the same period last year or EUR 87,000 when the mentioned sale by Istrabenz Turizem is excluded.

The core company Istrabenz posted a EUR 1.16m loss, down from a EUR 2.36m loss in the same period last year. Sales revenues were down 2% to EUR 270,000, with operating loss standing at EUR 480,000.

The company's financial loss at the end of June stood at EUR 161.3m. In the first half of the year, Istrabenz repaid a total of EUR 27.4m in loans to banks as part of ongoing debt restructuring proceedings.

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